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Jul10Chapter 11

A chapter of the US Bankruptcy Code, Chapter 11 permits reorganisation of a company under the bankruptcy laws of the US. If a company is unable to pay its creditors or service its debts it may file for Chapter 11 protection with a federal bankruptcy court. Chapter 11 allows the debtor to remain in control of business operations while working with its creditors to reorganise the company, under the supervision of the court. Lehman Brothers was the largest organisation ever to file for Chapter 11 bankruptcy, listing over $639 billion in assets.

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