Bankrupt
Bankruptcy
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"Bankrupt" redirects here. For the album by Phoenix, see Bankrupt!.
Notice of closure attached to the door of a computer store the day after its parent company declared "bankruptcy" (strictly, put into administration) in the United Kingdom
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.
Contents
[hide] * 1 Etymology * 2 History * 3 Modern law and debt restructuring * 4 Fraud * 5 By country * 5.1 Argentina * 5.2 Australia * 5.3 Brazil * 5.4 Canada * 5.4.1 Duties of trustees * 5.4.2 Creditors ' meetings * 5.4.3 Consumer proposals * 5.5 China * 5.6 Ireland * 5.7 India * 5.8 The Netherlands * 5.9 Russia * 5.10 Switzerland * 5.11 Sweden * 5.12 United Kingdom * 5.12.1 Pensions * 5.12.2 Proposed reform * 5.13 United States * 5.13.1 Chapters * 5.13.2 Exemptions * 5.13.3 Bankruptcy Abuse Prevention and Consumer Protection Act * 5.14 Europe * 6 See also * 7 References * 8 Further reading * 9 External links
Etymology[edit source | editbeta]
The word bankruptcy is derived from Italian banca rotta, meaning "broken bench", which may stem from a custom of breaking a moneychanger 's bench or counter to signify his insolvency, or
From Wikipedia, the free encyclopedia
Jump to: navigation, search
"Bankrupt" redirects here. For the album by Phoenix, see Bankrupt!.
Notice of closure attached to the door of a computer store the day after its parent company declared "bankruptcy" (strictly, put into administration) in the United Kingdom
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.
Contents
[hide] * 1 Etymology * 2 History * 3 Modern law and debt restructuring * 4 Fraud * 5 By country * 5.1 Argentina * 5.2 Australia * 5.3 Brazil * 5.4 Canada * 5.4.1 Duties of trustees * 5.4.2 Creditors ' meetings * 5.4.3 Consumer proposals * 5.5 China * 5.6 Ireland * 5.7 India * 5.8 The Netherlands * 5.9 Russia * 5.10 Switzerland * 5.11 Sweden * 5.12 United Kingdom * 5.12.1 Pensions * 5.12.2 Proposed reform * 5.13 United States * 5.13.1 Chapters * 5.13.2 Exemptions * 5.13.3 Bankruptcy Abuse Prevention and Consumer Protection Act * 5.14 Europe * 6 See also * 7 References * 8 Further reading * 9 External links
Etymology[edit source | editbeta]
The word bankruptcy is derived from Italian banca rotta, meaning "broken bench", which may stem from a custom of breaking a moneychanger 's bench or counter to signify his insolvency, or
References: Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates and are governed by the Bankruptcy and Insolvency Act of Canada. | This section requires expansion. (March 2009) | Ireland[edit source | editbeta]