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 accounting, 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.
The Bankruptcy and Insolvency Act is one of the statutes that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial proposals, and receiverships in Canada.
A preferential creditor is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws.
The tools of trade are items that are exempt from attachment under bankruptcy law or from seizure.
Bankruptcy Act is a stock short title used for legislation in Australia, Hong Kong, Malaysia, the Republic of Ireland, the United Kingdom and the United States relating to bankruptcy. The Bill for an Act with this short title will usually have been known as a Bankruptcy Bill during its passage through Parliament.
The Statute of Bankrupts or Bankruptcy Act 1542, was an act passed by the Parliament of England in 1542. It was the first statute under English law dealing with bankruptcy or insolvency. It was repealed by section 1 of the Bankruptcy Act 1825.
Peel's Acts were acts of the Parliament of the United Kingdom. They consolidated provisions from a large number of earlier statutes which were then repealed. Their purpose was to simplify the criminal law. The term refers to the Home Secretary who sponsored them, Sir Robert Peel.
The Short Titles Act 1896 is an act of the Parliament of the United Kingdom. It replaces the Short Titles Act 1892.
The history of bankruptcy law begins with the first legal remedies available for recovery of debts. Bankruptcy is the legal status of a legal person unable to repay debts.
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.
The Winding-up and Restructuring Act is a statute of the Parliament of Canada that provides for the winding up of certain corporations and the restructuring of financial institutions. It was passed in 1985, and has been amended since. Predecessors of the act date back to 1882.
The Bankruptcy Act 1861 was an Act of the Parliament of the United Kingdom.
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.
Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations.
The Bankruptcy Act 1914 was an Act of the Parliament of the United Kingdom which formed the primary source of UK insolvency law for approximately 70 years. It came into force on 1 January 1915 repealing a number of earlier statutes. It was substantially repealed by the short-lived Insolvency Act 1985.
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