Study: Key differences between bankrupt churches, small businesses
Wednesday, April 03, 2013
Although they share some important similarities, religious organizations, such as churches, that file for Chapter 11 bankruptcy protection differ from small business debtors in two significant ways – they seek to preserve the “going-concern value” of the organizations themselves, and their members are more integral to their successful reorganizations, says a new study by Professor Pamela Foohey. Between 2006 and 2011, faith-based institutions in the U.S. filed more than 500 petitions under Chapter 11.
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