The creditor in possession in a Chapter 12 bankruptcy proceeding is responsible for valuing the firm both in terms of its liquidation value and as a going concern.

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In a Chapter 12 bankruptcy proceeding, the debtor (the family farmer or fisherman) remains in possession of their assets and operations, and there is no "creditor in possession." Therefore, neither the debtor nor a creditor is responsible for valuing the firm in terms of liquidation value or as a going concern.

The Creditor in Possession in a Chapter 12 Bankruptcy Proceeding