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In studies investigating self-disclosure, researchers found that
Voluntary Liquidation
The process initiated by a company's directors to voluntarily close down the business, sell its assets, and use the proceeds to pay off creditors before any remaining surplus is distributed to the shareholders.
Bankruptcy Estate
All legal or equitable interests of the debtor in property at the time of the bankruptcy filing, including all assets.
Prepetition Assets
Assets that an individual or entity possesses before filing for bankruptcy protection.
Automatic Stay
A legal provision that halts all lawsuits, foreclosures, and collection activities against a debtor the moment a bankruptcy petition is filed.
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