Examlex
In which nation does half the population live in a total of five port cities?
Liquidation
The process of winding up a company's financial affairs by selling off assets to pay creditors and distributing any remaining assets to the shareholders.
Chapter 7
A chapter of the U.S. Bankruptcy Code that deals with the process of liquidation, where a debtor's non-exempt assets are sold off to pay creditors.
Nonexempt Assets
Assets that can be seized in a bankruptcy proceeding because they are not protected by exemption laws.
Avoidance Powers
Legal abilities granted typically to a trustee in bankruptcy to nullify certain transactions made by the debtor before bankruptcy to ensure equitable distribution of assets to creditors.
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