Downloadable bankruptcy forms and information about when you should declare bankruptcy, and what the long-term and short-term effects are.
Q. What is bankruptcy?
A. Bankruptcy is a legal process under which a debtor (either a company or a person) publicly declares that it is unable to pay its debts. Creditors may file a bankruptcy petition against a debtor (referred to as involuntary bankruptcy) to try to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (this is called voluntary bankruptcy).
Q. What is receivership?
A. Receivership is a court-ordered appointment of a receiver to take custody of the property, profits and business of a party to a lawsuit or a debtor, to preserve that property. This process is used only if there is a risk that the property might be removed or disposed of before there is a final decision in the lawsuit, or to give the receiver control over the finances of an insolvent debtor for the benefit of its creditors.
Approve a voluntary petition in bankruptcy with these template Directors Minutes for a USA corporation.
The company's Board of Directors have determined it is advisable for the corporation to file a voluntary petition in bankruptcy, and they resolve to call a meeting of the shareholders to vote on the matter.
The template is fully editable and can be easily customized to fit your circumstances.
The USA Directors Minutes Approving Voluntary Petition in Bankruptcy template is a downloadable MS Word document.