But in an interview before the hearing, the chief lawyer for the newspaper's creditors, Howard Seife, said Mr. Murdoch's proposal would leave ordinary creditors with nothing.

After the collapse of his massive Qintex business empire, Christopher Skase flees to the Spanish Island of Majorca, leaving angry creditors high and dry.

Many of the Korean creditors said they believed that receivership would give Goldman the chance to take over Jinro while leaving other creditors with little or nothing.

All have done time in bankruptcy court, where a judge's signature can wipe away millions of dollars in bad business decisions, leaving banks, investors and creditors with a few cents on the dollar.

In spite of his ingratiating nature, his moneymaking schemes had left acrimony and unhappy creditors.

This legislation reforms the chapter 11 venue rules to prevent corporations from fleeing to friendly jurisdictions for bankruptcy, while leaving employees, creditors and other stakeholders without a voice in the negotiations.

Ultimately, the company making the rigs filed for bankruptcy and the rigs were chopped up for scrap, leaving creditors, including the government, in the lurch.

The reorganization has wiped out almost $4 billion in debt, leaving banks, insurance companies and other creditors as the company's new shareholders.

The sale of assets has so far generated £70M leaving most creditors including the Inland Revenue out of pocket.

Such a move would leave unsecured creditors with nothing, he said.