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Case 1:23cv00287 Document 1 Filed 01/12/23 Page 1 of 22UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION,23cv287Plaintiff,ECF Casev. GENESIS GLOBAL CAPITAL,
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What is in re chapter 11?
In re chapter 11 refers to a bankruptcy proceeding that allows a company to reorganize its debts and finances.
Who is required to file in re chapter 11?
Any business or individual that is unable to meet its financial obligations and wants to restructure its debts may file for chapter 11 bankruptcy.
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To file for chapter 11 bankruptcy, a debtor must submit a petition, a list of assets and liabilities, a schedule of current income and expenditures, and a statement of financial affairs to the bankruptcy court.
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The purpose of chapter 11 bankruptcy is to give businesses the opportunity to reorganize and restructure their debts while continuing to operate.
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Debtors must report information about their financial situation, assets, liabilities, income, and expenses in their chapter 11 bankruptcy filing.
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