Using Chapter 11 Bankruptcy To Sell A Business
When a business is facing liquidation and wishes to sell, there is no better way to pursue the sale of the business than by filing for Chapter 11 bankruptcy. With a federal judge approving the order, the transaction will be protected and the new owners will be able to efficiently take over the business without having to deal with creditors.
Selling A Business During Chapter 11
Our attorneys at the Law Office of Ronald V. De Caprio have extensive experience using Chapter 11 bankruptcy to sell a business. Whether through an auction or private sale, selling during Chapter 11 creates competition and lets the market decide the value of a business. After the sale, the money received goes to the bankruptcy estate and is distributed to creditors according to the Bankruptcy Code’s priorities.
In Chapter 11, a creditor’s ability to stop a business from selling is greatly reduced. Selling the assets of a business is an efficient exit strategy for businesses dealing with a drastic change in market or other unforeseen circumstances.
Know Your Options
At the Law Office of Ronald V. De Caprio, we encourage businesses to be proactive and seek legal advice as soon as possible when struggling to pay debts. There may be options other than selling, which our knowledgeable team can help identify. We regularly negotiate with secured creditors, vendors and customers to arrive at mutually beneficial agreements.
Contact Us For Asset Protection During Bankruptcy
Please feel free to call (845) 406-4201 or contact us online to schedule an appointment to discuss using Chapter 11 bankruptcy to sell a business with an experienced lawyer in Rockland County, New York.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.