Business Focus: US Chapter 11 proceedings and its impact on European business
With the globalisation of capital and financial markets, more and more companies need to consider cross-border insolvency issues. Chris Mallon takes a look at US Chapter 11 bankruptcy proceedings and its implications for European corporates
A glance at the business page headlines reveals that one of your key customers has filed for Chapter 11 protection. What impact will this have on your business? How will you recover a substantial book debt? How should UK management respond? Take another scenario – your US parent company has filed for Chapter 11 protection. What are the implications here on how the UK business is run? Does this mean immediate liquidation of the UK arm?
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