Dissolution & Corporate Bankruptcy

When a business is faced with closing there are two options to look at: dissolution and bankruptcy. Dissolution is the formal process that a business entity follows to cease operations, the liquidation of its assets, and distribute the proceeds to its creditors and owners.  During this process, business owners must ensure that formal dissolution procedures are followed, and must take care regarding the decisions they make with respect to the liquidation of the assets and who will receive the proceeds.  The failure to properly follow the process may invalidate the dissolution or even expose the owners to the risk of personal liability.  In some cases, the creditors of a business can force the involuntary dissolution of the business.
When few assets remain, yet many creditors exist, corporate bankruptcy may be needed for orderly liquidation and distribution.  It is also possible for the creditors of a business to bind together and force a business into bankruptcy. 
Our attorneys are experienced in advising businesses and business owners through the dissolution process and during corporate bankruptcy.  We frequently negotiate with creditors to reduce business debts, release personal guarantees, and establish other workout plans.  Regardless of the situation, we can help guide you through the difficult decisions that face you in bringing your business to a close. 

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