Michigan Order for Administrative Closing Due to Bankruptcy Stay (MAC) is a court order issued by a bankruptcy court in Michigan to protect creditors of a bankrupt company from further losses. The order is issued when a company is unable to pay its debts and is in the process of filing for bankruptcy. The MAC prohibits the company from selling any of its assets or engaging in any business operations until the stay is lifted. The order also requires the company to provide notice to its creditors and to submit a list of its assets and liabilities to the court. The types of Michigan Order for Administrative Closing Due to Bankruptcy Stay include automatic stay, automatic stay with approval, and stay with approval. An automatic stay is issued without a hearing and is effective immediately. This type of stay prevents creditors from taking actions to collect debts from the bankrupt company. An automatic stay with approval requires a hearing before it can be issued. This type of stay prevents creditors from taking any action to collect debts from the company until the hearing is held and the court approves the stay. A stay with approval requires creditors to submit a list of their claims to the court and have a hearing before the stay is granted. The court must approve the stay before it can be issued.
Michigan Order for Administrative Closing Due to Bankruptcy Stay
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