Final answer:
An order for relief in a reorganization case under bankruptcy law indicates the beginning of the case and allows the debtor to continue operation and propose a reorganization plan, rather than leading to immediate debt relief, assumption of business control by creditors, or liquidation of assets. B) Creditors assume control of the debtor's business
Step-by-step explanation:
When an order for relief is entered in a reorganization case under bankruptcy law, it typically signifies the commencement of the case under a specific chapter of the Bankruptcy Code, often Chapter 11. This order does not mean that creditors withdraw from the case, assume control of the debtor's business, or that the debtor is relieved of all debts. Instead, the order for relief allows the debtor to continue operating its business and to create a plan of reorganization.
This plan must be voted on by creditors and confirmed by the court, and may include restructuring debts, altering payment terms, or other methods to allow the debtor to regain financial stability. It's important to note that an order for relief does not immediately liquidate the debtor's assets; instead, liquidation might occur if the reorganization plan fails and the case converts into a Chapter 7 liquidation proceeding, or if liquidation is part of the approved reorganization plan.