Chapter vii bankruptcy meaning in English

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Definition

to file for chapter XI (or VII) bankruptcy: to liquidate all non-exempt assets (for example, cars, work-related tools etc.) verbidiom
Note that chapter VII bankruptcy corresponds to the bankruptcy law.
If sales continue to drop at this rate, we will be filing for chapter XI bankruptcy this time next year. If sales don't increase, we will have to sell all our assets.
  • "According to my research, the Perfume Hut has recently filed for Chapter XI bankruptcy, which comes as no surprise to me."

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