haku: @indexterm law / yhteensä: 802
viite: 441 / 802
| Tekijä: | Minor, M. Stevens-Minor, K. J. |
| Otsikko: | Resuscitating the comatose firm: changing management responsibilities under chapter 11 |
| Lehti: | Advanced Management Journal
1992 : SPRING, VOL. 57:2, p.29-33 |
| Asiasana: | MANAGEMENT RESPONSIBILITY BANKRUPTCY LAW CREDIT CONTROL |
| Kieli: | eng |
| Tiivistelmä: | Management's usual task is to enhance the interests of shareholders, but not when a firm seeks protection under Chapter 11. In bankruptcy, management's primary charge furthering the cause of unsecured creditors and, secondarily, of other creditors. Accountability standards and operating procedures also change radically under Chapter 11. By law, management must operate the corporation for its creditors. Management must also meet the fiduciary standard of fairness and adapt to "fishbowl" conditions that often require outsiders' pre-approval of corporate decisions. The burdens generated by Chapter 11 must, of course, be weighed against the oportunities it provides. Chapter 11 is often the only way to reduce debt and allow survival. |
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