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A sole proprietorship can take bankruptcy by filing for Chapter 7, Chapter 11, or Chapter Corporations and partnerships are legal entities separate from their owners. As such, they can file for bankruptcy protection under Chapter 7 or Chapter Chapter 7 bankruptcy may be the best choice when the business has no viable future. It is usually referred to as a liquidation.

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It is typically used when the debts of the business are so overwhelming that restructuring them is not feasible. Chapter 7 is also appropriate when the business does not have any substantial assets. If a business is just an extension of a particular owner's skills, it usually does not pay to reorganize it, and Chapter 7 is appropriate.

Chapter 7 bankruptcy usually means that the business is dissolved. In Chapter 7 bankruptcy, a trustee is appointed by the bankruptcy court to take possession of the assets of the business and distribute them among the creditors.

United Kingdom insolvency law

After the assets are distributed, and the trustee is paid, a sole proprietor receives a "discharge" at the end of the case. A discharge means that the owner of the business is released from any obligation for the debts. Partnerships and corporations do not receive a discharge. Chapter 11 is a better choice for businesses that may have a realistic chance to turn things around.


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Chapter 11 is a plan where a company reorganizes and continues in business under a court-appointed trustee. The owner of the company may actually be the trustee.

New Capital Corporation has a security interest in property owned by Regal

The company files a detailed plan of reorganization outlining how it will deal with its creditors. From there, creditors will vote on the plan. If the court finds the plan is fair and equitable, they will approve the plan. I want you all to know I support you. And I want to thank them for their bravery to come forward.

Mark Ruffalo , who has starred in multiple films produced by Weinstein, tweeted his condemnation of the producer, calling his actions "a disgusting abuse of power and horrible. And we have to call it out, even if it's in our own community.


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It makes me feel ashamed," he wrote. Jane Fonda told CNN's Christiane Amanpour that she's known about Weinstein's behavior since she was approached a year ago by her friend Rosanna Arquette, who later went public with her accusations in the New Yorker.

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In a statement to Newsweek , the actress said she was "completely unaware" of his behavior, calling it "horrifying. Lena Dunham condemned Weinstein as a "predator" in a scathing New York Times op-ed , also taking aim at men in Hollywood who remained silent about his behavior. This has been very painful. In an interview with Deadline , he denied that he had any knowledge of abuse.

This is the great fear for all of us. Jamie Lee Curtis penned an op-ed in The Huffington Post in response to the accusation from Donna Karan that sexual harassment victims are "asking for it. Following the reports about Weinstein's actions, the "Ted" star revealed that the joke "came from a place of loathing and anger" after a friend of his recounted her experience with Weinstein.

It is our responsibility to leverage our position, and be allies to the women in our industry," he said. John Madden , who directed Miramax's "Shakespeare In Love," said in a statement to Buzzfeed that Weinstein's actions "deserve total condemnation. She called the behavior described by his accusers "horrifying" and said she was working with lawyers to figure out the "next steps" for her show.

She said in a lengthy statement that she was "sickened" by the accusations, but adding that she was hopeful that bringing them to light would lead to change. We must change things in general. We must do better for women everywhere. Tom Hanks slammed Weinstein in an interview with the New York Times , calling the producer an "ass" and saying that the allegations made against him "fit" with Weinstein's publicly aggressive persona.

Weinstein, the stranger, the relative, the boyfriend," she wrote. I see you. I believe you She reiterated her support in a tweet following the news about Weinstein. I believe you. This mistreatment of women has to stop," she wrote, adding that men can also be victims of sexual harassment. Noting that Weinstein is part of a "systemic problem, Gosling said called on men to "stand with women and work together until there is real accountability and change.

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In retrospect, I understand why, even if my representatives weren't explicitly telling me," she told IndieWire. They need backup. It's a big sacrifice for women to come forward with this stuff. As we've seen over history, they are generally not rewarded for coming forward. It's not at all, and I am sickened by it, angry with you and incredibly disappointed in you.

Bob Iger , the Disney CEO who served as president and COO when Weinstein's Miramax was acquired by the company, released a statement condemning Weinstein, saying that the producer's "reported behavior is abhorrent and unacceptable, and it has no place in our society.

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Jeremy Zimmer , CEO of UTA, sent an internal memo to staff in the wake of the Weinstein scandal, calling it "disgusting" and saying he was "proud" of the UTA clients who stepped forward with their allegations against Weinstein. And it should serve as a cautionary tale to anyone in our industry who believes moguls own their thrones," he wrote, encouraging staffers to report inappropriate behavior at the company. It must have been terrifying for these women to step up and call him out.