The procedures for liquidating a corporation reside

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Liquidating a corporation is typically done through Chapter 7 of the Bankruptcy Reform Act of 1978, which outlines the process for selling off a company's assets, paying off creditors, and ultimately dissolving the corporation. Chapter 11, on the other hand, is focused on reorganizing a company's debts in order to keep it operating. Common law may provide some guidance on corporate dissolution, but it is not the primary source of procedures for liquidation.

The Procedures for Liquidating a Corporation Reside