Legal bankruptcy proceedings focus on the decision of whether or not the firm's value as a going concern is greater than its

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Legal bankruptcy proceedings focus on determining whether the firm's value as a going concern is greater than its liquidation value. This is because if the firm's value as a going concern is less than its liquidation value, it may be more financially beneficial for the firm to cease operations and liquidate its assets to pay off creditors rather than continuing to operate.

Legal Bankruptcy Proceedings Focus on the Decision of Whether or Not