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2310740jpmDoc 6Filed 07/10/23 Entered 07/10/23 10:52:47 Pg 1 of 63Main DocumentUNITED STATES BANKRUPTCY COURT Southern District of New Yorkie re Vice Group Holding Inc., et al., Debtors.) )) )) )Chapter
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Chapter 11 vice group refers to a specific section of the U.S. bankruptcy code that allows businesses to reorganize their debts while continuing operations. It provides a framework for companies to restructure their finances to become profitable again.
Typically, businesses that are experiencing financial distress but wish to continue operating and restructuring their debts are required to file for Chapter 11 vice group. This can include corporations, partnerships, and sole proprietorships.
Filing out a Chapter 11 vice group involves completing a set of bankruptcy forms detailing the financial status of the business, including assets, liabilities, income, and expenses. It often requires the assistance of legal and financial professionals.
The purpose of Chapter 11 vice group is to provide a legal mechanism for financially troubled businesses to reorganize their debts, facilitate a repayment plan, protect against creditors while restructuring, and ultimately return to profitability.
Information that must be reported includes the company's income, expenses, assets, liabilities, and any relevant financial statements. Additionally, a plan for how the company intends to reorganize its debts must be submitted.
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