What the bankruptcy law was intended

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Businesses, as well as individuals, often use bankruptcy protection to extinguish debts or cancel long term contracts. Many of the airline and other industrial bankruptcies this century have not been tied so much with financial distress as with the goal of canceling employment obligations and negotiating completely new contracts. Is this what the bankruptcy law was intended for and are companies applying its protections in an ethical manner??

Reference no: EM131656166

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