Okay, the reason I asked is because when I am half asleep I listen to the financial news in the middle of the night, as listening to them go on about the FTSE, NASDAQ, and Dow Jones is normally more than enough to put anyone asleep.
Well, the other week or so I could not get to asleep, and they were talking about some British company (most probably a shop or bank), saying in the US they have Chapter 11 (I think) and they would get time to reorganise it. One of the people seemed to be saying we don't have a equivalent here, so it either goes into administration - is asset stripped (any profitable parts are sold off) or it is liquidated - or it is nationalised; he was suggesting companies that just need reorganising go under as we don't have a Chapter 11 (or whatever it is). Where as the other guy was saying it does not really matter as any decent administrator should reorganise any failed company if at all possible any.
Hence, why I was wondering how bankruptcy laws work and which of the two people was right?
I honestly don't know the bankruptcy laws in the UK, but I will look it up.
Who wants to try a bottle of merc's "Extroversion Olive Oil?"