Can I keep my business open during a liquidating plan in a Chapter 11 bankruptcy?

Yes, it is possible to keep your business open during a liquidating plan in a Chapter 11 bankruptcy in North Dakota. When a business files for Chapter 11 bankruptcy, it can choose to reorganize its debts and restructure its operations, or it can choose to liquidate all of its assets. If the business chooses to liquidate, it must file a liquidating plan with the court. This plan will offer recommendations for how the business will sell its assets and pay its creditors. In North Dakota, a business is allowed to keep its doors open and continue operations while the bankruptcy case is pending and while the liquidating plan is being implemented. During this time, the business can continue to generate income and creditors can be paid over time as the liquidation plan is executed. However, the business owner must be extremely careful while operating during the bankruptcy proceedings. The owner must consult with their attorney and abide by all local, state, and federal laws in order to avoid any potential criminal charges. Additionally, the owner must remain in contact with creditors to ensure that all debts are being paid on time, and follow all requirements of the liquidating plan to ensure that creditors receive the proper payment. In summary, it is possible to keep your business open during a liquidating plan in a Chapter 11 bankruptcy in North Dakota. However, it is important to exercise extreme caution and follow all legal requirements while doing so.

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