Examlex
Which of the following are statuses that can apply to a BOM?
Liquidation
The process of closing a business, selling its assets, and using the proceeds to pay off its debts.
Reorganization
A process aimed at restructuring a company's operations, structure, or finances with the goal of increasing efficiency or preparing for growth, often to avoid bankruptcy.
Order for Relief
A court order that occurs when a petition for bankruptcy is approved, protecting the petitioner from creditors and potentially leading to a debt reorganization plan.
Debtor in Possession
A debtor in possession is a status in bankruptcy proceedings where a debtor continues to control property and operate its business under the oversight of the court.
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