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ASSETS ADMINISTRATION FUND GRANT AGREEMENTDIRECTOR BANNING GRANT Australian Securities and Investments Commission Page 1ASSETLESS ADMINISTRATION FUND GRANT AGREEMENT DIRECTOR BANNINGPARTIESRECITALS1.AUSTRALIAN

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What is chapter 9 - assetless?

Chapter 9 - assetless is a specific chapter in the bankruptcy code that allows for the reorganization of municipalities that have no or minimal assets.

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Municipalities that are unable to pay their debts and do not have enough assets to cover them can file for chapter 9 - assetless bankruptcy.

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The municipality must report its debts, assets, proposed repayment plan, and any other relevant financial information.

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