In a bankruptcy proceeding, if the going-concern value of the firm is greater than its liquidation value,
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In a bankruptcy proceeding, if the going-concern value of the firm is greater than its liquidation value, it is reorganized; otherwise, it is liquidated.
a. A reorganization plan is carried out under Chapter 11 of the Bankruptcy Reform Act.
b. A liquidation is carried out under Chapter 7 of the Bankruptcy Reform Act. LO1
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