Interesting – I always thought C11 protected you from Bankruptcy and you didn’t become actually bankrupt until you were under C7.
Will try and understand the difference one day – but guess that’s why lawyers get the big bucks
Maybe I should start a thread to find out the difference
Ah Ah
Seems C11 is a bit like “Administration” and C7 is “Liquidation”
Does seem to be a bit of a “get out of jail free card” – but not as much of a card as I thought – but am working from memory from some projects getting planes out of airlines under Administration (not C11) for the owners outside the US.
Always something new to learn
If interested I found Title 11 which contains C7 & C11 on
http://www.law.cornell.edu/topics/bankruptcy.html.
PS
Most of us do now have electric and water – but news isn’t quick here - Delta and NWA made a 5sec slot on the news, at least the one I saw, (doubt if it even got mentioned on the Zulu or Xhosa ones) and MIGHT warrant a mention in the non tabloids on Sunday.