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When a company files for bankruptcy, what happens to employees depends on the type of bankruptcy that was filed. While any of these instances can be devastating news for employees, there are some...
The petition was filed in Delaware, where parent company BW Industries Inc. was incorporated. Bitwise Industries files for Chapter 7 bankruptcy. What could it mean for employees, creditors?
By Friday afternoon, nine days after the bankruptcy filing, at least 85 former employees have filed claims with the bankruptcy court totaling almost $1.1 million in what some workers have called ...
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]
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
In the United Kingdom, employees' holiday pay/wages are classed as preferential – if they are paid via redundancy payments fund then the Department of Employment becomes a secured creditor. If there is a shortfall, in those cases where someone earns in excess of the government limit, then they can claim preferentially too.
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