When a corporation files for Bankruptcy who is responsible?
I know a company can file for different types of Bankruptcies, like Chapter 11 which allows a company to reorganize, or Chapter 7 which involves the process of Liquidation….but my question is, once a company has declared Bankruptcy, who in the company is actually responsible for going through with everything? The CEO and CFO? The stockholders? The private investors? The federal government?
Like, what if a company files Bankruptcy and they owe their investors money….what if they are unable to repay the investors, even after the liquidation process?