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Todd E. Duffy, PLLC @toddeduffypllc.bsky.social
Jul 11, 03:58 AM

Who Controls the Business in Subchapter 5 Todd Duffy explains that Subchapter 5 does not remove business owners from control of their company. Click the bio link to listen to the full episode. https://bio.link/toddduffy #ToddDuffy #SubchapterFive #ChapterEleven #ChapterSeven #BusinessControl

๐ŸŽค Whisper Transcript (en) โฑ 57s

"How does sub-chapter five affect ownership and control of the business during the case? It actually doesn't affect it. It has no effect whatsoever. In a standard chapter seven, which is not this, immediately you'll have a chapter, what's known as a chapter seven trustee appointed to wind down the business, to liquidate everything, and then to close the case. In the chapter 11, there's a presumption that a debtor will be a comrade, what's known as a debtor in possession, and the debtor's owners will run their own business. And so, when that happens, the operations continue just as they did before, under the watchful eye of the United States trustee, which is part of the government, and they are in charge of overseeing all bankruptcies."

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Todd E. Duffy, PLLC @toddeduffypllc.bsky.social ยท Jul 9, 12:31 PM

Who Controls the Business in Subchapter 5 Todd Duffy explains that Subchapter 5 does not remove business owners from control of their company. Click the bio link to listen to the full episode. https://bio.link/toddduffy #ToddDuffy #SubchapterFive #ChapterEleven #ChapterSeven #BusinessControl