In April, his Trans Texas Gas Corporation filed for bankruptcy protection under Chapter 11 as low energy prices kept it from paying its bills.
Sudbrink Broadcasting soon had problems of their own and filed bankruptcy under Chapter 11 soon after buying Channel 64.
However, the states referred these powers to the Commonwealth and, until the 2006 amendments to the law, were all located under Chapter VII of the Act.
I also question statistics suggesting that "between 1964 and 1989 the average bondholder suffered a relative loss roughly 67 percent greater under Chapter 11 than under previous law."
It is therefore non-binding and has no mandatory enforceability, as opposed to the resolutions passed under Chapter VII.
Example 5 (semi-presidential republic): Under Chapter 4, Article 80, Section 3 of the Constitution of Russia:
It liquidated after an 11-month effort to reorganize under Chapter 11 Federal bankruptcy protection.
(Under Chapter 11 the operation has been allowed to remain open for dog and horse-racing simulcasts from around the country.)
In section 570(5) (charge to tax under Chapter 13: sales...
But under Chapter 7 certain categories of assets, such as a personal residence, may be exempt from the sale and placed beyond the reach of creditors.