Fundamentals of Business Law: Bankruptcy in Reality - Essay Example

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"Fundamentals of Business Law: Bankruptcy in Reality" paper analyzes the major issues in bankruptcy in reality. Social and ethical responsibilities are the two major traits that a person must possess before starting any type of business. It is the last resort in the minds of Entrepreneurs…

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Fundamentals of Business Law: Bankruptcy in Reality

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Subject: Management
Type: Essay
Level: Ph.D.
Pages: 1 (250 words)
Downloads: 2
Author: onitzsche

Extract of sample "Fundamentals of Business Law: Bankruptcy in Reality"

Filing for bankruptcy is like being honest with the people around you. When an organization files for bankruptcy it gives the decision-making ability to the working staff to become decisive on whether to invest more in the company or just simply stop. It allows the subordinates to know the conditions in which they are going to work (Miller, 2012).

If I came to know that my company is about to collapse then the first sensible thing to do is to file bankruptcy. Filing bankruptcy will allow me to get creditors off my back or negotiate with them to get a settlement to return only a certain percentage of the amount of money owed by the company. It also gives a certain period in which the creditors will not be able to take any action against the company which will buy the entrepreneur some time to find new sources of cash.

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