Bankruptcy

bankruptbankruptcy protectionbankruptciesbankruptcy lawbankruptedbankruptcy fraudreceivershipbankruptcy proceedingsvoluntary bankruptcybankrupts
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.wikipedia
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Insolvency

insolventcorporate insolvencyinsolvency law
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency.
The person or company might enter bankruptcy, but not necessarily.

Statute of Bankrupts

Statute of Bankrupts 1542Statute of Bankrupts Act 1542Bankruptcy Act 1542
The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency.
It was the first statute under English law dealing with bankruptcy or insolvency.

Debt restructuring

debt-to-equity swapdebt-for-equitydebt-for-equity swap
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.
Debt restructuring involves a reduction of debt and an extension of payment terms and is usually less expensive than bankruptcy.

Chapter 13, Title 11, United States Code

Chapter 13Chapter 13 bankruptcy13
Chapter 13 of the United States Bankruptcy Code provides an individual the opportunity to propose a plan of reorganization to reorganize their financial affairs while under the bankruptcy court's protection.

Strategic bankruptcy

Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act since it creates a real (not a fake) bankruptcy state.
A strategic bankruptcy may occur when an otherwise solvent company makes use of the bankruptcy laws for some specific business purpose.

Debtor

borrowerdebtorsborrowers
In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
If the debt owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons, while in some countries such as Greece debtors are still imprisoned.

Portugal

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According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well."
Under his rule, Portugal had been declared bankrupt twice – first on June 14, 1892, and then again on May 10, 1902 – causing social turmoil, economic disturbances, angry protests, revolts and criticism of the monarchy.

Federal Circuit Court of Australia

Federal Circuit CourtFederal Magistrates CourtFederal Magistrates Court of Australia
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.
The Federal Circuit Court of Australia, formerly known as the Federal Magistrates Court of Australia, is an Australian court with jurisdiction over matters broadly relating to family law and child support, administrative law, admiralty law, bankruptcy, copyright, human rights, industrial law, migration, privacy and trade practices.

Liquidation

liquidatedvoluntary liquidationliquidate
In some countries, such as the United Kingdom, bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership).
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).

Debt bondage

bonded labourbonded labordebt slavery
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.
It persists nonetheless especially in developing countries, which have few mechanisms for credit security or bankruptcy, and where fewer people hold formal title to land or possessions.

Trustee in bankruptcy

bankruptcy trusteetrusteeTrustees
Creditors can claim money through the Enforcement Administration anyway, and creditors do not usually benefit from the bankruptcy of individuals because there are costs of a bankruptcy manager which has priority.
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.

Judgment debtor

judgment debt
A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt.
Such a person may be examined as to their assets, and if the judgment debt is of the necessary amount he may be made bankrupt if he fails to comply with a bankruptcy notice (in US law, an involuntary petition) served on him by the judgment creditors.

Receivership

receiverreceiversadministrative receivership
Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership).
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet financial obligations or enters bankruptcy.

Bankruptcy in the United Kingdom

bankruptcybankruptUK bankruptcy law
Bankruptcy in the United Kingdom (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships.
There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships.

Financial distress

financially distressedfinancial difficultiesfinancial struggles
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.
If financial distress cannot be relieved, it can lead to bankruptcy.

Automatic stay

automatically stayedforestall post-sale legal action
An important feature applicable to all types of bankruptcy filings is the automatic stay.
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy.

Superintendent of Bankruptcy

Office of the Superintendent of Bankruptcy
The office of the Superintendent of Bankruptcy, a federal agency, is responsible for overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada.
The Superintendent of Bankruptcy is a Canadian government position charged to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and orderly manner.

Chapter 7, Title 11, United States Code

Chapter 7Chapter 7 bankruptcyChapter 7 liquidation
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States (in contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy).

Chapter 11, Title 11, United States Code

Chapter 11Chapter 11 bankruptcyChapter 11 bankruptcy protection
Chapter 11 is a chapter of Title 11, the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States.

Enterprise Act 2002

EA 2002Enterprisee Act
Following the introduction of the Enterprise Act 2002, a UK bankruptcy now normally last no longer than 12 months, and may be less if the Official Receiver files in court a certificate that investigations are complete.
The Enterprise Act 2002 is an Act of the Parliament of the United Kingdom which made major changes to UK competition law with respect to mergers and also changed the law governing insolvency bankruptcy.

Debt relief order

Since 2009, the introduction of the Debt Relief Order has resulted in a dramatic fall in bankruptcies, the latest estimates for year 2014/15 being significantly less than 30,000 cases.

Chapter 15, Title 11, United States Code

Chapter 15Chapter 15 bankruptcyChapter 15 of the US Bankruptcy Code
Chapter 15, Title 11, United States Code is a section of the United States bankruptcy code that deals with jurisdiction.

Personal bankruptcy

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The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13.
Personal bankruptcy law allows, in certain jurisdictions, an individual to be declared bankrupt.

Government of Canada

Canadian governmentfederal governmentfederal
The office of the Superintendent of Bankruptcy, a federal agency, is responsible for overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada.
Thus, the parliament at Ottawa alone can pass laws relating to, amongst other things, the postal service, the census, the military, criminal law, navigation and shipping, fishing, currency, banking, weights and measures, bankruptcy, copyrights, patents, First Nations, and naturalization.

Bankruptcy alternatives

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors.