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. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
In the United States, bankruptcy is governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
Insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.
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. It made cartels illegal with a maximum prison sentence of 5 years and states that level of competition in a market should be the basis for investigation.
St. John's University School of Law is a Roman Catholic law school in Jamaica, Queens, New York, United States, affiliated with St. John's University.
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order.
The Ministry of Corporate Affairs is an Indian government ministry. It is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, Insolvency and Bankruptcy Code, 2016 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. It is responsible mainly for regulation of Indian enterprises in Industrial and Services sector. Ministry is mostly served by the civil servants of the ICLS cadre. These officers are being selected through Civil Services Examination conducted by Union Public Service Commission. Brilliant talent pool of the country serves MCA in different capacities. The highest post of DGCoA is being fixed at Apex Scale for the ICLS. The current Minister of State for Corporate Affairs is Nirmala Sitaraman.
Tina L. Brozman was a former chief judge of the United States Bankruptcy Court for the Southern District of New York and co-leader of Bingham McCutchen's financial restructuring group. Brozman retired from the bench in 2000 to join Bingham.
Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection. Jefferson County, Alabama, in 2011, and Orange County, California, in 1994, are also notable examples. The term 'municipality' denotes "a political subdivision or public agency or instrumentality of a State," but does not include a state itself. States are therefore unable to file for bankruptcy, even though they have defaulted in their obligations.
Peter S. Kaufman is an American investment banker and private equity investor. He is the President and Head of Restructuring and Distressed M&A at Gordian Group LLC, an investment banking firm. He is also a Managing Partner of Bacchus Capital Management, a winery investment concern.
Bankruptcy in Irish Law is a legal process, supervised by the High Court whereby the assets of a personal debtor are realised and distributed amongst his or her creditors in cases where the debtor is unable or unwilling to pay his debts.
John Anthony Edwards Pottow is the John Philip Dawson Collegiate Professor of Law at the University of Michigan Law School, specializing in international commercial law, bankruptcy and consumer finance. In addition to scholarship, Pottow is known for pro bono work and has argued pro bono cases before the United States Supreme Court and several United States Courts of Appeals, winning an award for pro bono service. His public service in international trade law includes service on the United States Delegation to the United Nations Commission on International Trade Law (UNCITRAL) and the State Department's Advisory Committee on Private International Law.
A Commissioner of Bankruptcy was, from 1571 to 1883, an official appointed to administer the estate of a bankrupt with full power to dispose of all his lands and tenements. Bankrupts were defined as insolvent persons engaged in trade or business and kept distinct from other insolvents until 1861. The proceedings of that administration were the distribution of the property of an insolvent person to that person's creditors in proportion to the debts.
Insolvency law of Russia mainly includes Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions". Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002, replacing the previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions" dated 25 February 1999 contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with the provisions of the Bankruptcy Act.
Bhupender Yadav is an Indian politician from Rajasthan. He is a Member of Parliament in the Rajya Sabha, representing the state of Rajasthan, a position he has held since 2012. He was reelected in April 2018. He is the national general secretary of the Bharatiya Janata Party.
British Virgin Islands bankruptcy law is principally codified in the Insolvency Act, 2003, and to a lesser degree in the Insolvency Rules, 2005. Most of the emphasis of bankruptcy law in the British Virgin Islands relates to corporate insolvency rather than personal bankruptcy. As an offshore financial centre, the British Virgin Islands has many times more resident companies than citizens, and accordingly the courts spend more time dealing with corporate insolvency and reorganisation.
The Indian Institute of Corporate Affairs (IICA) is a civil service training institute under the aegis of Ministry of Corporate Affairs, Government of India for the Indian Corporate Law Service cadre. Handling and dealing with various subjects, matters and affairs in the arena and spectrum of corporate affairs regulation, governance and policy. It was established in 2008 at Manesar, Haryana. It is the sole institution in the country that has been authorised by Insolvency and Bankruptcy Board of India to run its flagship Graduate Insolvency Program. It houses National Foundation for Corporate Social Responsibility, one of the Apex body in India in the area of Corporate Social Responsibility. NFCSR gives policy support to government for CSR and organises various training program in CSR. It also provides various services to Corporates for CSR including Impact Assessment, Need Assessment, Baseline survey, Real time monitoring etc.
Cross-border insolvency regulates the treatment of financially distressed debtors where such debtors have assets or creditors in more than one country. Typically, cross-border insolvency is more concerned with the insolvency of companies that operate in more than one country rather than bankruptcy of individuals. Like traditional conflict of laws rules, cross-border insolvency focuses upon three areas: choice of law rules, jurisdiction rules and enforcement of judgment rules. However, in relation to insolvency, the principal focus tends to be the recognition of foreign insolvency officials and their powers.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015. It was passed by Lok Sabha on 5 May 2016 and by Rajya Sabha on 11 May 2016. The Code received the assent of the President of India on 28 May 2016. Certain provisions of the Act have come into force from 5 August and 19 August 2016. The bankruptcy code is a one stop solution for resolving insolvencies which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. The IBC has 255 sections and 11 Schedules.
