Originally Posted by
ATNotts
Which means that the 'gold standard' for capitalism, the USA, fails at about the same hurdle as the UK with their Chapter 11 bankruptcy rules.
My former employer refuse credit to any phoenix company that rose out of a pre-pack until the old debt was paid, and quite right too!
Yes - Chapter 11 is an abomination that has kept far too many zombie companies alive to the detriment of healthy, better-managed competitors. In my working life, I would never extend credit to any business that had entered into a CVA - it was usually only a matter of time before they were looking for another one.
My approach p!ssed off a number of my sales staff though!