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SUMMARY OF CHAPTER 11 PROCEDURES AND PROCESS Presented to The Virginia Bar Association 11th Annual Corporate Counsel Fall Forum By David K. Spiro, Esquire Robert S. Westermann, Esquire Sheila deLa Cruz, Esquire HIRSCHLER FLEISCHER SUMMARY OF CHAPTER 11 PROCEDURES AND PROCESS This Executive Summary discusses the significant procedural requirements in a case under Chapter 11 of the United States Bankruptcy Code and the Chapter 11 process. It is intended to provide a review of general legal principles and business practices as a basis for further discussion and inquiry. TABLE OF CONTENTS I. OVERVIEW II. COMMENCEMENT OF THE CASE III. EFFECT ON OPERATIONS AND FINANCES A. Preservation of the Status Quo B. Continuation of Business in the Ordinary Course C. Adverse Consequences of the Commencement of a Chapter 11 Case IV.
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