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Insolvent
An individual or company that cannot pay its debit is considered insolvent
A company becomes bankrupt when a special court, known as a bankruptcy court, rules that is insolvent
Bankruptcy plan
The court usually orders the individual or firm to follow a bankruptcy, or reorganization, plan
Companies seek protection by filling for bankruptcy, and court declares a firm bankrupt
Creditor
A creditor is any person or company who is owed money by another person or company
Creditors play a major role in designing the bankruptcy plan and usually vote on accepting or rejecting the plan
Secured creditor
Creditors whose loans are guaranteed by a specefic asset are known as secured creditors
Unsecured creditor
Unsecured creditors have no guarantee and can only receive a share of what is left after secured creditors are paid
Bondholder
In most corporate bankruptcies, the bondholders will be the largest creditors, and their votes will be critical to approving a bankruptcy plan
Claims
The sums of money owed by a bankrupt company are known as claims
Claims may be made by bondholders seeking repayment of loans, by workers seeking unpaid wages, or by suppliers seeking to settle outstanding bills
Chapter11
Chapter 11 is the section the legal code that allows firms to declare bankruptcy while continuing their day-to-day activities
A company taht goed into chapter ۱۱ is usually seeking to deal with unmanageable debts while avoiding lawsuits by creditors and working to become profitable again
Chapter7
Chapter ۷ covers insolvent companies that cease doing business, usually because they have no chance of returning to profitability
Liquidation
A company that goes into chapter ۷, also known as going into liquidation, will be broken up and have its assets sold separately, or liquidated, to recover as much cash as possible for creditors
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Restructuring
A financially trouble company may undergo a restructuring of its activities, in order to remain in business
The restructuring often takes place when a firm receives new investment or funding
Restructuring plan
To receive new funds, the company may need to prepare a restructuring plan, demonstrating that it can use the money successfully
Federal loans
In the US, companies and individuals somtimes receive loans from the national government
As the U.S is a federal government, these are known as federal loans
Tumble
When a price or static fall sharply, it is sometimes said to tumble
Wipe out
To wipe out something means to eliminate or destroy it completely
For example, a company may wipe out its debts through bankruptcy
Layoffs
Layoffs are job losses, or redundancies, resulting from poor company performance or economic conditions
Salaried employees
Workers who receive their pay in the form of a weekly or monthly salary, instead of being paid by the hour
White-collar
One common term for salaried employees is white-collar employees, based on the traditional color of businessmen’s shirts
Blue-collar
This term contrasts with blue-collar, which refers to workers with less skilled or non-professional jobs
Buyout
Used to describe a payment made to senior employees in exchange for giving up their jobs
to buyout
These employees are said to have been bought out
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