Creating a Bankruptcy Plan Essay Example | Topics and Well Written Essays - 500 words

Creating a Bankruptcy Plan - Essay Example assets and liabilities, a liquidation plan of reorganization stating the financial benefits for creditors, and approval of the plan by the company creditors. Within 20 days after filing, debtor meets the appointed bankruptcy trustee to discuss details of the reorganization plan. Within 30 to 45 days after filing, debtor meets creditors in a meeting presided over by trustee to agree on the payment plan proposed by debtor. Discussions, approval, or rejections by the creditors on the disclosure statement, proposed payment plan and analysis of the liquidation plan should be finalized not more than 120 days after filing. When the plan is approved, the debtor is discharged from any debt that arose before confirmation. After confirmation of plan, debtor is required to make payments as stated in the reorganization. A new contractual right replaces the pre-bankruptcy contracts. (Chapter 11) is â€Å"when one is unable to pay his debts any more. The bankruptcy law gives a person who is burdened with debts to have a new start by wiping out his/her debts.†(Maller-Barnes-Bowers-Langvardt, Chap. 20) A debtor is not given a discharge if he has not paid debts for taxes and debts related to committed crimes. or if there are â€Å"debts covered by a waiver of discharge executed by the debtor and approved by the court. An order of discharge cannot also be given to a debtor who has a judicial order to pay domestic support obligations unless he can certify that he is up to date in payments. (Mallor-Barnes-Bowers-Langvardt, Chap. 20) A debtor who has a confirmed plan for reorganization is allowed to request for modification of the plan anytime after its confirmation. According to Chapter 11 Bankruptcy code, modification is allowed if he/she has met some requirements of the Bankruptcy Code. This request will require the creditors’ consensus and approval of the court. Flynn, E, Bermant, G. and Burke, Virginia (2000). â€Å"Bankruptcy by the Numbers†. Executive Office for the

Organizational change part i Essay Example | Topics and Well Written Essays - 1250 words

Organizational change part i - Essay Example All stakeholders have to be involved in the change process for it to be effective. There are various types of change depending on which part of the organization needs to be changed. The most critical part of organizational change lies with the leaders. An organization’s leaders have to manage the change through planning, assessment and evaluation and have to ensure that every stakeholder in the organization buys in to the ides of change and is involved in it (Cole, Harris & Bernerth, 2006). Despite change being recognized as an inevitable and necessary evil in almost all spheres of life, organizational change poses a lot of challenges to leaders. Effective management of organizational change takes four main steps namely; recognizing the need to have effect the change, planning for the change, training staff with regard to the impending change, and getting support from the employees and other stakeholders during the change process (Cole, Harris & Bernerth, 2006). The first step involves conducting a systematic diagnosis of the organization as it is currently so as to identify the need for initiating change and determine the organization’s ability to manage the change. Planning process involves determining the objectives of the change as well as outlining the procedures to be taken when effecting the change. At the end of the change process, it is necessary to conduct an assessment of the whole process to determine if the objectives were met. Organizational change can be said to be successful if it meets its objectives and the benefits of the change are realized by the management and employees of the organization (Cole, Harris & Bernerth, 2006). Successful change also improves communication among employees and other stakeholders. Health care organizations have also encountered numerous challenges that have often forced them to change in one way or another so as to effectively treat patients (Rashid, 2007). Changes in lifestyles have led to emergence of new diseases while technology has made treatment of some diseases much easier. Healthcare organizations need to adopt technology and also support research so as to discover better ways of fighting diseases. This requires a change of strategy, mission, and mode of operation or human resource. In some cases change may be needed in all aspects of the organization (Rashid, 2007). Readiness for change is one of the issues that change management experts have focused on in the recent few years by recommending strategies that organizations need to take in order to be fully prepared for change. Readiness for change is a very crucial concept in healthcare given the ever changing nature of treatment. Healthcare organizations have to be strategically positioned so as to meet the demands brought about by change (Rashid, 2007). An organization’s readiness for change depends on various factors such as organizational culture, flexibility of the organization’s policies, and the abi lity of leaders to manage changes in the working environment. Managing change in a healthcare facility is not different from other organizations. The leaders have to be very assertive and proactive in steering health organizations in the right direction. This requires constant assessment of the current level of operations in the organization and determining what needs to be done so as to help improve treatment of patients. Departmental heads