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Drawn in by the rapid growth of the Chinese economy and the opportunities in the market, many multinational corporations (“MNCs”) have expanded their business into China.Many entrepreneurs are also still attracted by the potential for business growth in the China market.Beyond the financial challenges presented by liquidation in China, China tax laws, China labour laws and bureaucracy need to be navigated through.This means that compared to business practices in more legally robust markets, the process is not quite as simple as closing down an office, stores or factories.One of the most serious consequences of many Chapter 7 bankruptcy petitions is the process of liquidating your debt.
However, the federal government has established a set of assets that are exempt from liquidation. In other words, a chapter 11 debtor is generally allowed to operate in the same manner it operated outside of bankruptcy. Section 523 of the Bankruptcy Code, however, excepts certain pre-bankruptcy debts from being discharged. Instead, such action merely determines whether an underlying claim is dischargeable in bankruptcy. Adkins Corp.’s case, however, three months after the case was converted to chapter 11, the Bankruptcy Court appointed a trustee to take over the control and operations of the Corporation, pursuant to 11 U. The chapter 11 plan defined retained claims as “all estate causes of action belonging to the Debtor and estate based on federal or state law, and any claims, counterclaims, rights, defenses, setoffs, recoupments, and actions in law or equity arising under the Bankruptcy Code or applicable non-bankruptcy law.” The plan then illustrated a number of claims that were retained claims, including claims for breach of fiduciary duty and common law actions. The purpose of an individual chapter 7 bankruptcy case is to distribute all non-exempt assets of the debtor to his or her creditors and allow the debtor to obtain a discharge of all of his or her pre-bankruptcy debts. While the plan did not specifically reserve a non-dischargeability action, the Bankruptcy Court found that such an action did not amount to a claim (i.e., a right to payment), as defined in section 101(5)(A) of the Code.For individuals or companies that find themselves completely unable to meet their financial obligations, bankruptcy provides a way to obtain a fresh start.However, obtaining legal relief from debt often results in serious financial consequences.