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5) Section 363 as it relates to a bankruptcy filing: i)works like an auction to speed up the bankruptcy process. ii) establishes the bankruptcy judge
5) Section 363 as it relates to a bankruptcy filing:
i)works like an auction to speed up the bankruptcy process.
ii) establishes the bankruptcy judge as the assignor of all bankruptcy assets.
iii) permits creditors to force a firm into an involuntary bankruptcy.
iv) allows creditors to submit a reorganization plan.
v) requires all employee wages and benefits be paid prior to creditors.
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