US Bankruptcy Laws define various scenarios for bankruptcies in multiple Chapters. Total Bankruptcy Filings Decrease 2 Percent in Calendar Year 2018; Commercial Chapter 11s Dip 5 Percent. [REV Partners (www.revpartners.com) Is A Management Consulting Firm That Advices Fortune 500 & PE Firms on Transformation, Strategy, Organization & Performance Improvement. You can reach us at: meet@revpartners.com]

1. Why Do Companies Fail?
Key Trends in US Bankruptcies
Jan 2019
This presentation is meant exclusively for the use of REV Partners & its authorised users. No part of it may be circulated, quoted, or
reproduced for distribution without prior written approval. This material was used during an oral presentation; it is not a complete
record of the discussion.
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2. STRICTLY CONFIDENTIAL
1867 18981800
Bankruptcy Act
of 1800
1841
Bankruptcy Act
of 1841
Bankruptcy Act
of 1867
Bankruptcy Act
of 1898
1938
Chandler Act of
1938
1978
Bankruptcy
Reform Act of
1978
1986
Bankruptcy Judges,
United States
Trustees, & Family
Farmer Bankruptcy
Act of 1986
1994
Bankruptcy
Reform Act of
1994
2005
Bankruptcy Abuse
Prevention and
Consumer Protection
Act of 2005
Source: ABI; federal Judicial Center; US Courts; REV Partners
Note: Not to scale
US Bankruptcy Laws have a rich & distinguished history of progress
2

3. STRICTLY CONFIDENTIAL
CHAPTER 7
Liquidation Under the
Bankruptcy Code
CHAPTER 9
Municipality Bankruptcy
CHAPTER 11
Reorganization Under the
Bankruptcy Code
CHAPTER 12
Family Farmer Bankruptcy
or Family Fisherman
Bankruptcy
CHAPTER 13
Individual Debt Adjustment
CHAPTER 15
Ancillary and Other Cross-
Border Cases
Key
Bankruptcy
Laws
US Bankruptcy Laws define various scenarios for bankruptcies in
multiple ‘chapters’
Source: ABI; federal Judicial Center; uscourts.gov; REV Partners
3

4. STRICTLY CONFIDENTIAL
Chapter 11
Chapter 7
Chapter 13
Chapter 15
Source: ABI; Epiq; REV Partners Analysis
In 2018, Chapter 11 cases accounted for ~15% of ~37,600 cases; Chapter 7
accounted for an additional ~58% of cases
4

5. STRICTLY CONFIDENTIAL
Exhibit 1: Chapter 11 Bankruptcies in US, 2010-2018
(Source: ABI; Epiq; REV Partners Analysis)
5,470 Chapter 11 Bankruptcy cases filed in the US in 2018 (Down from 5762
in 2017). In comparison: 10,626 Chapter 11 cases were filed in 2010

6. STRICTLY CONFIDENTIAL
Exhibit 2: Chapter 7 Bankruptcies in US, 2010-2018
(Source: ABI; Epiq; REV Partners Analysis)
21,823 Chapter 7 Bankruptcy cases filed in the US in 2018 (Down from 22,015
in 2017). In comparison: 62,679 Chapter 7 cases were filed in 2010

7. STRICTLY CONFIDENTIAL
Jan
Source: ABI; Epiq; REV Partners Analysis
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
~5,470 Chapter 11 cases in 2018 (-5.1% Vs. 2017) in the US; Mar, Nov & Oct
had the highest number of case filings in 2018
-18.4% -10.2%c -15.3% -21.4% 2.5% 5.7%
7
2.5% -5.1%

8. STRICTLY CONFIDENTIAL
Jan
Source: ABI; Epiq; REV Partners Analysis
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
~21,800 Chapter 7 cases in 2018 (-0.9% Vs. 2017) in the US; In comparison,
there were 62,679 Chapter 7 cases filed in 2010
-20.8% -25.0%c -25.7% -23.2% -1.4%27.5%
8
-17.7% -0.9%

9. STRICTLY CONFIDENTIAL
ACKNOWLEDGEMENT, THANKS & TERMS/CONDITIONS
We are indebted and grateful to various companies and sources that have been cited in the document for their data and insights. This
report is not meant to be a substitute for professional advice, and must not be relied upon as such without explicit, written consent. No
representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this
publication, and, REV Partners or its employees & agents do not accept or assume any liability, responsibility or duty of care for any
consequences of anyone acting in reliance on the information contained in this publication or for any decision based on it. If you would like
to discuss this report, please contact the author.
© REV Partners. All Rights Reserved.
9
Amitabh Chandrashekhar
Managing Partner & CEO | REV Partners
twiter.com/revpartners meet@revpartners.comwww.revpartners.com
ABOUT REV PARTNERS
REV Partners (www.revpartners.com) Is A Management Consulting Firm That Advices Fortune 500 & PE Firms on Transformation, Strategy,
Organization & Performance Improvement. You can reach us at: meet@revpartners.com