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THE CATHOLIC UNIVERSITY OF EASTERN AFRICA FACULTY OF LAW
UNIT CODE CLS 210
UNITE TITLE BANKRUPTCY AND COMMERCIAL SECURITIES
LECTURER ANTHONY .W. MUNENE
REG .NO. 1018809
STUDENTS NAME ELECTINE .A. MBAKAYA
TOPIC QUESTION ON BANKRUPTCY AND COMMERCIAL SECURITIES
QUESTION ;1. WHAT IS MEANT BY BANKRUPTCY AND WHAT DO BANKRUPCY PRROCEEDINGS INVOLVE
Bankruptcy is the legal status of an individual against whom an adjudication order has been made by the court of competent jurisdiction primarily because of his inability to meet his financial liabilities.
From the above definition the following can be concluded 1. Bankruptcy is a question of law. It’s upon an adjudication order (judicial declaration that debtors are insolvent) by a court of law that makes them bankrupt. 2. The court of law making that adjudication order must be a court of competent jurisdiction (high court or magistrate court with extended jurisdiction.) 3. The debtor must be first insolvent (whether or not a person is insolvent is purely a question of fact thus a person can be declared insolvent without being bankrupt but he or she cannot be declared bankrupt without being insolvent.)
Bankruptcy is also a legal definition of a debtor inability to meet his debts as and when they fall or become due. It’s governed by the Bankruptcy Act 1967 (REVICED 1988). Basically the Act deals with the entire process by to which an insolvent individual is made bankrupt According to Blackstone, BANKRUPTCY is a proceeding by which when a debtor cannot pay his or her liabilities or the person to who he or she owes money or incurred liabilities cannot obtain
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| [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | [Type the document subtitle] |
THE CATHOLIC UNIVERSITY OF EASTERN AFRICA FACULTY OF LAW
UNIT CODE CLS 210
UNITE TITLE BANKRUPTCY AND COMMERCIAL SECURITIES
LECTURER ANTHONY .W. MUNENE
REG .NO. 1018809
STUDENTS NAME ELECTINE .A. MBAKAYA
TOPIC QUESTION ON BANKRUPTCY AND COMMERCIAL SECURITIES
QUESTION ;1. WHAT IS MEANT BY BANKRUPTCY AND WHAT DO BANKRUPCY PRROCEEDINGS INVOLVE
Bankruptcy is the legal status of an individual against whom an adjudication order has been made by the court of competent jurisdiction primarily because of his inability to meet his financial liabilities.
From the above definition the following can be concluded 1. Bankruptcy is a question of law. It’s upon an adjudication order (judicial declaration that debtors are insolvent) by a court of law that makes them bankrupt. 2. The court of law making that adjudication order must be a court of competent jurisdiction (high court or magistrate court with extended jurisdiction.) 3. The debtor must be first insolvent (whether or not a person is insolvent is purely a question of fact thus a person can be declared insolvent without being bankrupt but he or she cannot be declared bankrupt without being insolvent.)
Bankruptcy is also a legal definition of a debtor inability to meet his debts as and when they fall or become due. It’s governed by the Bankruptcy Act 1967 (REVICED 1988). Basically the Act deals with the entire process by to which an insolvent individual is made bankrupt According to Blackstone, BANKRUPTCY is a proceeding by which when a debtor cannot pay his or her liabilities or the person to who he or she owes money or incurred liabilities cannot obtain