Bankruptcy is a legal status of a person or other entity who cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by a court orderoften initiated by
Liquidating agent definition wikipedia debtor. Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.
In some countries, such as the United Kingdombankruptcy is limited to individuals; other forms of insolvency proceedings such as liquidation and administration are applied to companies. In the United Statesbankruptcy is applied more broadly to formal insolvency proceedings.
In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite cognate of "failure" is used for bankruptcy in accordance with the law.
The word bankruptcy is from Italian banca rottameaning "broken bank", which may stem from a widespread custom in the Republic of Genoa of breaking a moneychanger's bench or counter to signify insolvency, or which may be only a figure of speech.
In Ancient Greecebankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " debt slavery ", until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not enjoy.
However, servants of the debtor could be retained beyond
Liquidating agent definition wikipedia deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions.
An exception to this rule was Athenswhich by the laws of Solon forbade enslavement for debt; as a consequence,
Liquidating agent definition wikipedia Athenian slaves were foreigners Greek or otherwise.
The Statute of Bankrupts of was the first statute under English law dealing with bankruptcy or insolvency. According to al-Maqrizithe Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three Liquidating agent definition wikipedia. A failure of a nation to meet bond repayments has been seen on many occasions.
Philip II of Spain had to declare four state bankruptcies in, and According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior towe nevertheless catalog the various defaults of FrancePortugalPrussiaSpainand the early Italian city-states.
At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well. The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business.
For private households, some argue that it is insufficient to merely dismiss debts after a certain period [ citation needed ]. It is important to assess the underlying problems and to Liquidating agent definition wikipedia the risk of financial distress to re-occur.
It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation Refiner et al. In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States USdischarge is conditioned to a lesser extent.
Liquidating agent definition wikipedia Other Member States do not provide the option of a debt discharge. Spain, for passed a bankruptcy law ley concurs in which provides for debt settlement plans that can result in a reduction of the debt maximally half the amount or an extension of the payment period of maximally five years Gerhardt,but it does not foresee debt discharge.
In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt.
Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements.
Falsifications on bankruptcy forms often constitute perjury. Liquidating definition wikipedia filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law.
Bankruptcy fraud should be distinguished from strategic is not a criminal act since it creates a real not a fake bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a net value. This is because once a bankruptcy petition is
Liquidating agent definition wikipedia, it is for the creditors, not the debtor, to decide whether a particular asset has value.
The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the Liquidating agent definition wikipedia States, a closed bankruptcy may be reopened by motion of a creditor or the U. The trustee may then seize the asset and liquidate it for the benefit of the formerly discharged creditors.
Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U. In Argentina the national Act " Liquidating agent definition wikipedia Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order.
All bankrupts must lodge a Statement of Affairs document with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be annulled until this document has been lodged. A Bankruptcy Trustee in most cases, the Official Receiver is appointed to deal with all matters regarding the administration of the bankrupt estate.
The Trustee's job includes notifying creditors of estate and dealing with creditor inquiries; ensuring that the bankrupt complies Liquidating agent definition wikipedia their obligations the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate Liquidating agent definition wikipedia entitled under the Bankruptcy Act and Liquidating agent definition wikipedia dividends to creditors if sufficient funds become available.
For the duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a Liquidating agent definition wikipedia must obtain the permission of their trustee to travel overseas.
Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details
Liquidating agent definition wikipedia income and assets. If the bankrupt does not comply with the Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further five years.
The realisation of funds usually comes from two main sources: There are certain assets that are protected, referred to as protected assets. Liquidating agent definition wikipedia include household furniture and appliances, tools of trade and vehicles up to a certain value. All other assets of value are sold. If a house or car is above a certain value, the bankrupt can buy the interest back from the estate in order to keep the asset.
If the bankrupt does not do this, the interest vests in the estate and the trustee is able to take possession of the asset and sell it.
The bankrupt must pay income contributions if their income is above a certain threshold. If the bankrupt fails to pay, the trustee can issue a notice to garnishee the bankrupt's wages.
If that is not possible, the Trustee may seek to extend the bankruptcy for a further five years. Bankruptcies can be annulled prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes a bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received.
After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt"
Liquidating agent definition wikipedia some years. The maximum number of years this information can be held is subject to the retention limits under the Privacy Act.
How long such information is on a credit report may be shorter, Liquidating agent definition wikipedia on the issuing Liquidating agent definition wikipedia, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazilthe Bankruptcy Law It does not apply to state-run companies.
Current law covers three legal proceedings. Bankruptcy is a court-ordered Liquidating agent definition wikipedia procedure for an insolvent Liquidating agent definition wikipedia. The final goal of bankruptcy is to liquidate company assets and pay its creditors. The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving
Liquidating agent definition wikipedia, its corporate function and develop economic activity.
It's a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. Bankruptcy, also referred to as insolvency in Canada, is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals, for example, Canadathe Canadian subsidiary of the Target Corporationthe second-largest discount retailer in the United Liquidating agent definition wikipedia filed for bankruptcy in January 15,and closed all of its stores by April The office of the Superintendent of Bankruptcya federal agencyis responsible for overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Trustees in bankruptcy, individuals licensed to administer insolvencies, bankruptcy and proposal estates and are governed by the and Insolvency Act of Canada.
Inthe Superintendent of bankruptcy reported that trustees in Canada filedinsolvent estates. Consumer estates were the vast majority, with estates.
This represented a reduction of 8. Commercial filed by Canadian trustees in 4, estates, 3, bankruptcies and 1, Division 1 proposals. Creditors become involved by attending creditors' meetings. The Liquidating agent definition wikipedia calls the first meeting of creditors for the following purposes:.
In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve a debtor making monthly
Liquidating agent definition wikipedia for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money.
The creditors have 45 days to accept or reject the consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month or as otherwise stipulated in their proposaland the general creditors are Liquidating agent definition wikipedia from taking any
Liquidating agent definition wikipedia legal or collection action.
If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. An Administrator is required
Liquidating agent definition wikipedia the Consumer Proposal, and a Trustee in the Division I Proposal these are virtually the same although the
Liquidating agent definition wikipedia are not interchangeable.
A Proposal Administrator is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators.
Inthere were 98, personal insolvency filings in Canada: The People's Republic of China legalized bankruptcy inand a revised law that was more expansive and complete was enacted in in Ireland applies only to natural persons. Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency. Irish bankruptcy law has been the subject of significant comment, from both government sources and the media, as being in need of reform.
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United Kingdom insolvency law
Liquidation is the process in law and business by which a company is brought to an end in the United Kingdom , Republic of Ireland and United States. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution , although dissolution technically refers to the last stage of liquidation.
The process of liquidation also arises when customs , an authority or agency in a country responsible for collecting and safeguarding customs duties , determines the final computation or ascertainment of the duties or drawback accruing on an entry.
Liquidation may either be compulsory sometimes referred to as a creditors' liquidation following bankruptcy , which may result in the court creating a "liquidation trust" or voluntary sometimes referred to as a shareholders' liquidation , although some voluntary liquidations are controlled by the creditors.
The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets. For instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability.
The parties which are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by:.
The grounds upon which an entity can apply to the court for an order of compulsory liquidation also vary between jurisdictions, but normally include:. In practice, the vast majority of compulsory winding-up applications are made under one of the last two grounds. An order will not generally be made if the purpose of the application is to enforce payment of a debt which is bona fide disputed.
A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.
What is SPORTS AGENT? What does SPORTS AGENT mean? SPORTS AGENT meaning, definition & explanation
What is better?Bankruptcy is a legal status of a person or other entity who cannot repay debts to creditors. In . The office of the Superintendent of Bankruptcy, a federal agency, is responsible for overseeing that bankruptcies are administered in a fair and orderly The legal definitions of the terms bankruptcy, insolvency, liquidation and. A computer liquidator buys computer technology and related equipment that is no longer required by one company, and resells ("flips") it to another company. Computer liquidators are agents that act in the computer recycling, or electronic recycling, business. There are several reasons why companies will sell, or liquidate, used..
Types of companies
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Liquidate - definition of liquidate by The Free Lexicon https: To pay away a debt, claim, or obligation ; settle. To settle the affairs of a business firm, benefit of example by determining the liabilities and applying the assets to their set free. To settle a debit, claim, or obligation. To settle the affairs of a business or mansion by disposing of its assets and liabilities.
Bankruptcy is a admissible rank of a somebody or other existence who cannot reimburse debts to creditors. In uttermost jurisdictions, bankruptcy is imposed by means of a court reserve Proscribe, repeatedly initiated nearby the debtor.
Bankruptcy is not the simply constitutional standing that an broke man may be enduring, and the clauses bankruptcy is that being so not a synonym against insolvency. In some countries, such as the In agreement Principality Corpus juris, bankruptcy is circumscribed to individuals; other forms of insolvency proceedings such as liquidation and regulation are applied to companies. In the Merged States Admirable, bankruptcy is applied more broadly to formal insolvency proceedings.
In France, the cognate French despatch banqueroute is old solely in support of cases of replete bankruptcy, whereas the administration conditions faillite cognate of "failure" is in use accustomed to to bankruptcy in accordance with the law.
Insolvency is the state of being unable to yield a return the money owed, during a person or cortege, on time; those in a state of insolvency are said to be insolvent. There are two forms: Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate built of payment. For excuse, a person may own a large house and a valuable car, but not have enough convertible assets to pay a debt when it falls due.
Cash-flow insolvency can usually be resolved away negotiation. For example, the bill collector may bide one's time until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not must enough assets to take all of their debts. The person or institution might enter bankruptcy Learned, but not necessarily.
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