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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.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S.
Personal bankruptcy law allows, in certain jurisdictions, an individual to be declared bankrupt. Virtually every country with a modern legal system features some form of debt relief for individuals. Personal bankruptcy is distinguished from corporate bankruptcy.
In the United States, bankruptcy is largely 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).
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 Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) is a legislative act that made several significant changes to the United States Bankruptcy Code.
A fraudulent conveyance or fraudulent transfer is the transfer of property to another party to prevent, hinder, or delay the collection of a debt owed by or incumbent on the party making the transfer, sometimes by rendering the transferring party insolvent. It is generally treated as a civil cause of action that arises in debtor/creditor relations, typically brought by creditors or by bankruptcy trustees against insolvent debtors, but in some jurisdictions there is potential for criminal prosecution.
Consumer bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act ("BIA"). The legislation is complemented by regulations, as well as directives from the Office of the Superintendent of Bankruptcy that provide guidelines to trustees in bankruptcy on various aspects of the BIA.
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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.
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An unfair preference is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference.
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.
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 Act 7 Will. 4 & 1 Vict. c. 85, sometimes called the Offences against the Person Act 1837, was an Act of the Parliament of the United Kingdom of Great Britain and Ireland. It amended the law relating to offences against the person. It was one of the Acts for the Mitigation of the Criminal Law passed during the session 7 Will. 4 & 1 Vict. The Legal Observer said that this Act materially lessened the severity of the punishment of offences against the person.
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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.
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.
Bankruptcy in Florida is made under title 11 of the United States Code, which is referred to as the Bankruptcy Code. Although bankruptcy is a federal procedure, in certain regards, it looks to state law, such as to exemptions and to define property rights. The Bankruptcy Code provides that each state has the choice whether to "opt in" and use the federal exemptions or to "opt out" and to apply the state law exemptions. Florida is an "opt out" state in regard to exemptions. Bankruptcy in the United States is provided for under federal law as provided in the United States Constitution. Under the federal constitution, there are no state bankruptcy courts. The bankruptcy laws are primarily contained in 11 U.S.C. 101, et seq. The Bankruptcy Code underwent a substantial amendment in 2005 with the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005", often referred to as "BAPCPA". The Bankruptcy Code provides for a set of federal bankruptcy exemptions, but each states is allowed is choose whether it will "opt in" or "opt out" of the federal exemptions. In the event that a state opts out of the federal exemptions, the exemptions are provided for the particular exemption laws of the state with the application with certain federal exemptions.
Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations.
References
What supports what
- ↑ Archbold, Chitty & Prentice 1840, p. 826.
- ↑ Holt 1827, p. 551.
- ↑ Ringwood 1902, p. 73.
- ↑ The Bankruptcy Act 1914, section 38(2). This provision was amended by the Insolvency Act 1976. See further (1987) 106 Law Notes 53
- ↑ Wood 2007, p. 846.
- ↑ Lewis & Rose 1978, p. 117.
- ↑ Turner 1997, p. 956.
- ↑ Ziegel 2003, p. 22.
- ↑ Ziegel 2003, p. 66.
- ↑ NDLR 2010, p. 563.
- 1 2 3 4 Black 1922, p. 552.
- 1 2 3 Salerno & Kroop 2007, p. 5—54.
- ↑ The Courts Act 2003, Schedule 7, paragraph 9(3)(a). This replaces section 138(3A)(a)(i) of the Supreme Court Act 1981, which was inserted by section 15(1) of the Courts and Legal Services Act 1990.
- ↑ The Proceeds of Crime Act 2002, section 47C(2)(b) and (4)(a)
Sources
- Archbold, John Frederick; Chitty, Thomas; Prentice, Samuel (1840). Archbold's Practice of the Court of Queen's Bench. H. Sweet.
- Black, Henry Campbell (1922). A Treatise on the Law and Practice of Bankruptcy: Under the Act of Congress of 1898 and Its Amendments. Kansas City: Vernon Law Book Company. ISBN 9781584776062.
- Holt, Francis Ludlow (1827). The Bankrupt Laws, as Established by the New Act, 6 Geo. IV. C. 16. London: Joseph Butterworth and Son.
- Lewis, Arndell Neil; Rose, Dennis John (1978). Lewis's Australian bankruptcy law (7th ed.). Law Book Company. ISBN 9780455196978.
- Ringwood, Richard (1902). "Property divisible amongst creditors, and administration of property". The Principles of Bankruptcy. London: Stevens and Haynes. ISBN 9785875073076.
- Salerno, Thomas J.; Kroop, Jordan A. (2007). "Liquidation cases". Bankruptcy Litigation and Practice: A Practitioner's Guide. Aspen Publishers Online. ISBN 9780735561939.
- Turner, Clive (1997). Australian Commercial Law (21st ed.). LBC Information Services. ISBN 9780455214665.
- Wood, Philip R. (2007). Principles of International Insolvency. Sweet & Maxwell. ISBN 9781847032102.
- Ziegel, Jacob S. (2003). "Country Surveys". Comparative Consumer Insolvency Regimes: A Canadian Perspective. Hart Publishing. ISBN 9781841132723.
- "Property exempt from process". North Dakota Law Review. 86. 2010.
