bankruptcy

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bankruptcy,

n the legal process by which a person, business, or corporation is declared to be insolvent and unable to pay creditors.
References in periodicals archive ?
The MoU, which was signed on the sidelines of the fourth meeting of the Insolvency Law Committee (ILC), provides for sharing of information between the two parties, subject to the limitations imposed by the applicable laws; sharing of resources available with each other to the extent feasible and legally permissible; and periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party's responsibilities, enforcement cases, research and data analysis, information technology and data sharing.
The Insolvency Service said an estimated 17,243 businesses entered insolvency in 2017, a rise of 4.
It said the figures were inflated by "bulk" insolvencies, which saw large numbers of connected companies entering insolvency following some rule changes.
This book analyzes the political and institutional development of personal insolvency law since 1979 in the US and Europe.
Our research focuses on investigating the accuracy of asset valuation made by chartered valuation experts under the law regulating insolvency proceedings in the Czech Republic.
Then on July 12, 2005, the insolvency court issued an order declaring S.
An analysis of the figures by the UK insolvency trade body R3 shows the borough has 27.
The official personal insolvency figures are made up of three types of insolvency.
Phillip Sykes, president of insolvency trade body R3, said: "The unique conditions of this recovery - low interest rates and creditor forbearance -meant we never saw the traditional post-recession spike in corporate insolvencies.
The report, Why Insolvency Matters: The insolvency profession's value to the North of England, reveals that out of about 4,995 businesses in the region which became insolvent in 2013-14, some 2,070 continued in some form and 92,135 jobs were saved.
Some of the disadvantages of an IVA are: If the debtor does not keep |up with repayments, s/he can still be made be made bankrupt by the insolvency practitioner or the creditors; The debtor's home assets |may still be at risk.
Figures from the Midlands branch of national insolvency body R3 show that one in nine British adults were victims of fraudsters last year - sparking calls for a radical rethink of legislation to bolster the fight against scammers.