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Encyclopedia > Bankruptcy
Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared "bankruptcy" (strictly, put into administration—see text) in the United Kingdom.
Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared "bankruptcy" (strictly, put into administration—see text) in the United Kingdom.

Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization). Image File history File links Mergefrom. ... In an involuntary bankruptcy, creditors, rather than the debtor, file the petition in bankruptcy. ... Image File history File links Unbalanced_scales. ... Shortcut: WP:NPOVD Articles that have been linked to this page are the subject of an NPOV dispute (NPOV stands for Neutral Point Of View; see below). ... Image File history File links Gnome-globe. ... Image File history File links Download high resolution version (808x1054, 196 KB) Bankrupt computer store, closed without notice the day after its parent company, Tiny PCs and Granville Technology Group, declared bankruptcy in the UK on the 27 July 2005. ... Image File history File links Download high resolution version (808x1054, 196 KB) Bankrupt computer store, closed without notice the day after its parent company, Tiny PCs and Granville Technology Group, declared bankruptcy in the UK on the 27 July 2005. ... A creditor is a party (e. ...

Contents

Purpose

The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment. Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisdiction of the bankruptcy court for eventual distribution among their creditors. A bankruptcy case is initiated by the filing of a petition, which contains the Debtor's financial information. A married couple may file a joint petition. Though in a technical sense the filing of a joint petition initiates two separate bankruptcy cases (and estates), the cases and estates are usually consolidated and treated as one. In economics a debtor (or a borrower) owes money to a creditor. ... For other uses, see Debt (disambiguation). ...


There are two common forms of bankruptcy: liquidation and reorganization. In the United States the law provides for one liquidation chapter (chapter 7); all other chapters are for reorganization (chapter 9- municipalities, chapter 11- businesses or individuals, chapter 12- family farmers, chapter 13- individual "wage earners".) Upon the filing of the bankruptcy petition, the Debtor's assets constitute the bankruptcy "estate". With the notable exception of a case under chapter 11, a Trustee is appointed to oversee the Debtor's estate, to evaluate claims and perform other functions. In certain instances a Trustee can be appointed to a chapter 11 case.


In a liquidation bankruptcy, the Debtor's nonexempt (ie, legally unprotected) assets are sold off to satisfy creditor claims. This is referred to as "administering" the Debtor's estate. The Creditors with timely filed and valid claims participate in a pro rata distribution of the proceeds obtained through the liquidation. The distribution is based on a system of priorities, in which certain classes of claimants are given priority over others. A liquidation case in which no liquidation occurs, and thus no assets are administered for the benefit of creditors, is generally referred to as a "no asset" case.


A reorganization bankruptcy is a bankruptcy in which a debtor reorganizes/restructures assets and debts. Individuals may initiate a reorganization bankruptcy in order to retain assets and pay creditor claims out of the individual's income. However, reorganization bankruptcies can involve an "orderly liquidation" of some or all of the Debtor's assets. A reorganization bankruptcy usually allows the Debtor to carry on while satisfying creditor claims (in whole or part).


Businesses may enter a reorganization bankruptcy in order to survive insolvency due to creditor claims exceeding the ability of the business to satisfy them. The basic process involves a business reducing each creditor's claims to allow partial payment in order for the business to carry on with its daily commercial activity.


During the pendency of a bankruptcy preceding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue most types of lawsuits, garnish wages, or attempt to compel payment. Look up stay in Wiktionary, the free dictionary. ...


History

The West

In the Old Testament of the Bible and Hebrew Scriptures, Moses' Laws prescribed that one "Holy Year" or "Jubilee Year" should take place every half century, when all debts are eliminated among Jews and all debt-slaves are freed, due to the heavenly command. [1] Moses with the Tablets, 1659, by Rembrandt This article is about the Biblical figure. ...


Moreover, the Hebrew (or Jewish) law of debt forgiveness can be found in the Bible at Deuteronomy 15:1–2 which instructs a release of debt every seven years.


In ancient Greece, bankruptcy did not exist. If a father owed (since only locally born adult males could be citizens, it was fathers who were legal owners of property) and he could not pay, his entire family of wife, children and servants were forced into "debt slavery", until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. The term ancient Greece refers to the periods of Greek history in Classical Antiquity, lasting ca. ... The word citizen may refer to: A person with a citizenship Citizen Watch Co. ...


The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken). A "bank" originally referred to a bench, which the first bankers had in the public places, in markets, fairs, etc. on which they tolled their money, wrote their bills of exchange, etc. Hence, when a banker failed, he broke his bank, to advertise to the public that the person to whom the bank belonged was no longer in a condition to continue his business. As this practice was very frequent in Italy, it is said the term bankrupt is derived from the Italian banco rotto, broken bank (see e.g. Ponte Vecchio). Others choose rather to deduce the word from the French banque, "table", and route, "vestigium, trace", by metaphor from the sign left in the ground, of a table once fastened to it and now gone. On this principle they trace the origin of bankrupts from the ancient Roman mensarii or argentarii, who had their tabernae or mensae in certain public places; and who, when they fled, or made off with the money that had been entrusted to them, left only the sign or shadow of their former station behind them. For other uses, see Latin (disambiguation). ... For other uses, see Bank (disambiguation). ... A negotiable instrument is a specialised type of contract for the payment of money which is unconditional and capable of transfer by negotiation. ... Ponte Vecchio Ponte Vecchio at night View of the Ponte Vecchio from above The Ponte Vecchio (IPA pronunciation: ) (Italian for Old Bridge)[1] is a Medieval bridge over the Arno River, in Florence, Italy, noted for having shops (mainly jewellers) built along it. ...


Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. Spain became the first sovereign nation in history to declare bankruptcy. Philip II (Spanish: ; Portuguese: ) (May 21, 1527 – September 13, 1598) was King of Spain from 1556 until 1598, King of Naples and Sicily from 1554 until 1598, king consort of England (as husband of Mary I) from 1554 to 1558, Lord of the Seventeen Provinces (holding various titles for the...


The characteristic discharge of debts was introduced to Anglo-American bankruptcy with the statute of 4 Anne ch. 17 in 1705, where the discharge of unpayable debts was offered as a reward to bankrupts who cooperated in the gathering of assets to pay what could be paid.


Far East

Bankruptcy is also documented in the Far East. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. The far east as a cultural block includes East Asia, Southeast Asia, Northeast Asia and South Asia. ... Taqi al-Din Ahmad ibn Ali ibn Abd al-Qadir ibn Muhammad al-Maqrizi (1364 - 1442); Arabic: ‎, was an Egyptian historian more commonly known as al-Maqrizi or Makrizi. ... Yassa, alternatively Yasa or Yasaq, is a written code of laws created by Genghis Khan. ... This article is about the person. ... Capital punishment, or the death penalty, is the execution of a convicted criminal by the state as punishment for crimes known as capital crimes or capital offences. ...


Bankruptcy fraud

Bankruptcy fraud is a 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 constitutes perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions.[2] Perjury is the act of lying or making verifiably false statements on a material matter under oath or affirmation in a court of law or in any of various sworn statements in writing. ... The mens rea is the Latin term for guilty mind used in the criminal law. ...


Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act, but may work against the filer. This article does not cite any references or sources. ...


Bankruptcy in the United States

Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." Its implementation, however, is found in statute law. The relevant statutes are incorporated within the Bankruptcy Code, located at Title 11 of the United States Code, and amplified by state law in the many places where Federal law either fails to speak or expressly defers to state law. The United States Constitution (Article 1, Section 8, Clause 4), authorizes Congress to enact uniform Laws on the subject of Bankruptcies throughout the United States. ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal Law of the United States. ... Wikisource has original text related to this article: The United States Constitution The United States Constitution is the supreme law of the United States of America. ... Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political... A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal law of the United States. ...


While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often highly dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often not possible to generalize bankruptcy law across state lines. In the United States, Federal courts have exclusive jurisdiction over bankruptcy cases. ... Wikipedia does not yet have an article with this exact name. ...


Bankruptcy chapters

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code: Bankruptcy is enabled by the United States Constitution, but its implementation is by statute. ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal law of the United States. ...

  • Chapter 7: basic liquidation for individuals and businesses;
  • Chapter 9: municipal bankruptcy;
  • Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
  • Chapter 12: rehabilitation for family farmers and fishermen;
  • Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income;
  • Chapter 15: ancillary and other international cases.

The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of debt, except that the debtor will not be granted a discharge if he or she is guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and except that some debts (e.g. spousal support, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Many individuals in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee. The amount of property that a debtor may exempt varies from state to state. Chapter 7 relief is available only once in any eight year period. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged (e.g. absent some arrangement by a debtor to surrender a car or "reaffirm" a debt, the creditor with a security interest in the debtor's car may repossess the car even if the debt to the creditor is discharged). Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ... Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ... Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. ... Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. ... Chapter 15 United States Bankruptcy Code on Cross Border Insolvency It happens with increasing frequency that a bankruptcy proceeding in one country has a connection to assets or information located in another. ...


In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.


The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (April 20, 2005) ("BAPCPA"), substantially amended the Bankruptcy Code. Many provisions of BAPCPA were forcefully advocated by consumer lenders and were just as forcefully opposed by many consumer advocates, bankruptcy academics, bankruptcy judges, and bankruptcy lawyers.[3] Its enactment followed nearly eight years of debate in Congress. Most of its provisions became effective on October 17, 2005. Upon signing the bill, President Bush stated: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. ... is the 110th day of the year (111th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

Under the new law, Americans who have the ability to pay will be required to pay back at least a portion of their debts. Those who fall behind their state's median income will not be required to pay back their debts. The new law will also make it more difficult for serial filers to abuse the most generous bankruptcy protections. Debtors seeking to erase all debts will now have to wait eight years from their last bankruptcy before they can file again. The law will also allow us to clamp down on bankruptcy mills that make their money by advising abusers on how to game the system.[4]

Among its many changes to consumer bankruptcy law, BAPCPA enacted a "means test", which was intended to make it more difficult for a small number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. Contrary to this intention, however, the Means Test often results in debtors more easily obtaining a discharge. If a debtor does not qualify for relief under Chapter 7 of the Bankruptcy Code, either because of the Means Test or because Chapter 7 does not provide a permanent solution to delinquent payments for secured debts, such as mortgages or vehicle loans, the debtor may still seek relief under Chapter 13 of the Code. A Chapter 13 plan often does not require repayment to general unsecured debts, such as credit cards or medical bills.


BAPCPA also requires individuals seeking bankruptcy relief to undertake credit counseling with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13. Some studies of the operation of the credit counseling requirement suggest that it provides little benefit to debtors who receive the counseling because the only realistic option for many is to seek relief under the Bankruptcy Code.


Bankruptcy in Canada

A closed restaurant in Canada.
A closed restaurant in Canada.
Main article: Bankruptcy in Canada

Bankruptcy in Canada is set out by federal law, in the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner. Trustees in bankruptcy administer bankruptcy estates. Image File history File links Metadata Size of this preview: 800 × 587 pixelsFull resolution (2905 × 2132 pixel, file size: 3. ... Image File history File links Metadata Size of this preview: 800 × 587 pixelsFull resolution (2905 × 2132 pixel, file size: 3. ... Bankruptcy in Canada is set out in the Bankruptcy and Insolvency Act under federal law, and is applicable to both businesses and individuals. ... Wikipedia does not yet have an article with this exact name. ... Canadian Bankruptcy and Insolvency Act The Canadian Bankruptcy and Insolvency Act is An Act Respecting Bankruptcy and Insolvency. Full text of the act can be found on the Canadian Department of Justice website under Bankruptcy and Insolvency Act ... Superintendent of Bankruptcy (Canada) The role of the Superintendent of Bankruptcy is to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and orderly manner. ... A trustee in bankruptcy (TIB), in United States bankruptcy law, is a person appointed by the Bankruptcy court to oversee the distribution of the assets of a bankrupt to his creditors. ...


Duties of trustees

Some of the duties of the trustee in bankruptcy are to:

  • Review the file for any fraudulent preferences or reviewable transactions
  • Chair meetings of creditors
  • Sell any non-exempt assets
  • Object to the bankrupt's discharge
  • Distribute funds to creditors

Creditors' meetings

Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes: The word trustee is a legal term that refers to a holder of property on behalf of a beneficiary. ...

  • To consider the affairs of the bankrupt
  • To affirm the appointment of the trustee or substitute another in place thereof
  • To appoint inspectors
  • To give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.

Consumer proposals - an alternative to personal bankruptcy

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 payments 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 will accept the deal, because if they don’t, the next alternative may be personal bankruptcy, where the creditors will get even less money.


The creditors have 45 days to accept or reject the consumer proposal. Once the proposal is accepted the debtor makes the payments to the Proposal Administrator each month, and the creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor may have no alternative but to declare personal bankruptcy.


A consumer proposal can only be made by a debtor with debts in excess of $5,000 to a maximum of $75,000 (not including the mortgage on their principal residence). If debts are greater than $75,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act. Canadian Bankruptcy and Insolvency Act The Canadian Bankruptcy and Insolvency Act is An Act Respecting Bankruptcy and Insolvency. Full text of the act can be found on the Canadian Department of Justice website under Bankruptcy and Insolvency Act ...


The assistance of a Proposal Administrator is required. A Proposal Administrator is generally a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators. The word trustee is a legal term that refers to a holder of property on behalf of a beneficiary. ... Superintendent of Bankruptcy (Canada) The role of the Superintendent of Bankruptcy is to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and orderly manner. ...


In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals.[5]


Bankruptcy in Europe

During 2004, new all-time high values have been reached in many European countries. In France, company insolvencies rose by more than 4%, in Austria by more than 10% and in Greece by even more than 20%. However the official bankruptcy (insolvency) statistics have only a limited explanation. The official statistics only show the number of insolvency cases. There is no indication of the value of the cases. This means that an increase in bankruptcy cases does not necessarily entail an increase in bad debt write-off rates for the economy as a whole.


There is a time delay between payment problems or written-off claims and when a business is actually declared bankrupt. In most cases, several months or even years pass between the supply of products on account and the start of respective bankruptcy proceedings.


Legal, tax-related but also cultural aspects lead to a further distortion of the explanation, especially when compared on an international basis. Two examples:

  • In Austria, more than half of all bankruptcy proceedings in 2004 were not even opened due to insufficient funding to settle some outstanding amounts.
  • In Spain, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses and therefore, the number of insolvencies is quite low. For comparison: In France, more than 40,000 insolvency proceedings were opened in 2004, but under 600 were opened in Spain. At the same time the average bad debt write-off rate in France was 1.3% compared to Spain with 2.6%.

The insolvency numbers of private individuals also does not show the whole picture. Only a fractional amount of the households as heavily indebted decides to file for insolvency. Two of the main reasons for this are the stigma of declaring themselves insolvent and potential professional disadvantage.


Overview of Country Risk in Europe (risk to become in serious liquidity problems caused by late or non-payments, bankruptcy, fraud, etc.):


1. Finland (Rating: A) - 2. Sweden (Rating: A) - 3. Norway (B++) - 4. Denmark (B++) - 5. Iceland (B++) - 6. Ireland (B++) - 7. Switzerland (B+) - 8. France (B+) - 9. Austria (B) - 10. UK (B) - 11. Estonia (B) - 12. Italy (B) - 13. The Netherlands (B) - 14. Germany (B) - 15. Latvia (B) - 16. Hungary (B) - 17. Lithuania (B) - 18. Belgium (C++) - 19. Spain (C++) - 20. Poland (C++) - 21. Czech Republic (C+) - 22. Portugal (C)


(Source: www.europeanpayment.com)


Bankruptcy in the United Kingdom

In the United Kingdom (UK), bankruptcy (in a strict legal sense) relates only to individuals and partnerships. Companies and other corporations enter into differently-named legal insolvency procedures: liquidation, Administration (insolvency) (administration order and administrative receivership). However, the term 'bankruptcy' is often used (incorrectly) when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as Sequestration. There is no single law on bankruptcy in the United Kingdom with there being one system for England and Wales, one for Northern Ireland and one for Scotland. ... Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. ... In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. ... A corporation (usually known in the United Kingdom and Ireland as a company) is a legal entity (distinct from a natural person) that often has similar rights in law to those of a Civil law systems may refer to corporations as moral persons; they may also go by the name... Liquidation, or winding up, refers to a business whose assets are converted to money in order to pay off debt. ... Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. ... In English and Welsh insolvency law, an Administration Order is a method used to protect a company experiencing short or medium term financial problems from its creditors. ... Administrative Receivership is when an Official Receiver is put into a company to secure the assets. ... Sequestration is the act of removing, separating or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state. ...


A Trustee in bankruptcy must be either an Official Receiver (a civil servant) or a licensed insolvency practitioner. A trustee in bankruptcy (TIB), in United States bankruptcy law, is a person appointed by the Bankruptcy court to oversee the distribution of the assets of a bankrupt to his creditors. ... The Official Receiver (usually abbreviated OR) is the name of a statutory office holder in England and Wales. ... In the United Kingdom an Insolvency Practitioner (usually abbreviated as IP) is a person specialising in formal insolvency cases. ...


Following the introduction of the Enterprise Act 2002, a UK bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in Court a certificate that his investigations are complete. Changes to the Law Governing Bankruptcy Since the 1st April 2004 there have been considerable changes to the laws concerning bankruptcy in England Previously, bankruptcy would typically last for a period of between 2 and 3 years, but now the majority of bankruptcies will be discharged after only 12 months. ...


It is expected that the UK Government's liberalisation of the UK bankruptcy regime will increase the number of bankruptcy cases; initial Government statistics appear to bear this out. It remains to be seen whether the legislation will need reviewing if this remains the case.[citation needed]


There were 20,461 individual insolvencies in England and Wales in the fourth quarter of 2005 on a seasonally adjusted basis. This was an increase of 15.0% on the previous quarter and an increase of 36.8% on the same period a year ago.


This was made up of 13,501 bankruptcies, an increase of 15.9% on the previous quarter and an increase of 37.6% on the corresponding quarter of the previous year, and 6,960 Individual Voluntary Arrangements (IVA’s), an increase of 23.9% on the previous quarter and an increase of 117.1% on the corresponding quarter of the previous year. In the UK, Individual Voluntary Arrangements (IVAs) are a formal alternative for individuals wishing to avoid bankruptcy. ...


References

  1. ^ Leviticus 25:8–54.
  2. ^ See 140 Cong. Rec. S14, 461 (daily ed. Oct. 6, 1994).
  3. ^ "Hearing before the Senate Judiciary Committee on Bankruptcy Reform", 109th Cong. February 10, 2005. Retrieved July 30, 2007.
  4. ^ Press Release, White House, "President Signs Bankruptcy Abuse Prevention, Consumer Protection Act" (April 20, 2005). Retrieved July 30, 2007.
  5. ^ "Insolvency in Canada in 2006": Office of the Superintendent of Bankruptcy (Industry Canada). Retrieved 2007-05-30.
  • Born Losers: A History of Failure in America, by Scott A. Sandage (Harvard University Press, 2005).
  • "Bankrupt your student loans and other discharge strategies," by Chuck Stewart, Ph.D., (Authorhouse, June 2006). ISBN

is the 41st day of the year in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 211th day of the year (212th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 110th day of the year (111th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 211th day of the year (212th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Industry Canada is the department of the Government of Canada with responsibility for regional economic development, investment, and innovation/research and development. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 150th day of the year (151st in leap years) in the Gregorian calendar. ...

See also

Debt consolidation entails taking out one loan to pay off many others. ... A debt-based monetary system is an economic system where money is created primarily through fractional reserve banking techniques, using the private banking system. ... Distressed securities are securities of companies that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. ... Insolvency is a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities (commonly referred to as balance-sheet insolvency) or when the person or entity can no longer meet its debt obligations when they come due (commonly referred to as cash-flow... Liquidation, or winding up, refers to a business whose assets are converted to money in order to pay off debt. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

External links


  Results from FactBites:
 
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Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact "uniform laws on the subject of Bankruptcy throughout the United States." Its implementation, however, is found in statute law.
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