Liquidation in Bankruptcy
{"Image DocumentName": "Liquidation in Bankruptcy", "Image ImageDescription": "If the bankruptcy court determines reorganization not feasible, failing firm may be forced to liquidate. Priority in which claims are paid (per Chapter 7 of U.S. Bankruptcy Code) Past due property taxes. Secured creditors up to proceeds of the sale of pledged assets. Legal fees. Expenses incurred after involuntary case begun but before trustee appointed. Wages not to exceed  2000 per worker. Unpaid employee benefit plan contributions up to  2000. Unsecured customer deposits of  900 or less. Income taxes owed federal, state, or local governments. Under-funded pension liabilities up to 30% of the firm\u2019s book value. Unsecured creditors. Preferred shareholders, up to par value of their stock. Common shareholders, paid out of remaining funds.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}