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The timing of the company's bankruptcy meant liquidation sales were cut short due to the COVID-19 pandemic, and the case was converted to Chapter 7 bankruptcy by April. [21] [22] Levin Furniture's stores were reacquired by former owner Robert Levin during bankruptcy proceedings, and were reopened under his ownership later in 2020. [23]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The company announced that it would file for Chapter 11 bankruptcy in February 2017. It was ultimately converted to Chapter 7 liquidation. This plan was approved on February 16, and going-out-of-business sales at all 68 remaining stores began immediately thereafter. [5] [6] All stores closed by June 2017.
The November bankruptcy filing leaves at least 15 EMS agencies across the state in financial distress and endangers the availability of emergency services for Michiganders in the eastern U.P.
The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney. [2] Interim trustees serve by the U.S. Trustee's appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a "panel" of qualified ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
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