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Bankruptcy Code (other)
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Bankruptcy Code may refer to: *Bankruptcy in Canada * Bankruptcy in China *Bankruptcy in the United States or Title 11 of the United States Code (aka the "Bankruptcy Code") *Bankruptcy in the United Kingdom * Insolvency and Bankruptcy Code, an Act made by Parliament of India which governs law related to bankruptcy and insolvency. See also * Bankruptcy 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In Canada
The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result: :* The ''Bankruptcy and Insolvency Act'' ("BIA") :* The ''Companies' Creditors Arrangements Act'' ("CCAA") :* The ''Farm Debt Mediation Act'' :* The ''Wage Earner Protection Program Act'' :* The ''Winding-Up and Restructuring Act'' (which essentially applies only to financial institutions under federal jurisdiction) In applying these statutes, provincial law has important consequences. Section 67(1)(b) of the BIA provides that "any property that as against the bankrupt is exempt from execution or seizure under any laws applicable in the province within which the property is situated and within which the bankrupt resides". Provincial legislation under the property and civil rights power of the Constitution Act, 1867 regulates the resolution of financial diffic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In China
The Enterprise Bankruptcy Law of the People's Republic of China (trial Implementation) was first passed in 1986. On 1 June 2007, the new Enterprise Bankruptcy Law of the PRC came into force. It contains 136 articles, almost 100 more than the 1986 law it replaced, and consequently it is thought to be more complete legally. The Enterprise Bankruptcy Law of the PRC was adopted on August 27, 2006, and became effective since June 1, 2007. Personal bankruptcy laws only exist in Hong Kong and Shenzhen. Contents Chapter 1 General Provisions Chapter 2 Application and Acceptance Section 1 Application Section 2 Acceptance Chapter 3 Administrator Chapter 4 Debtor's Property Chapter 5 Expenses for Bankruptcy Proceedings and Debts of Common Benefits Chapter 6 Declaration of Credits Chapter 7 Creditors' Meeting Section 1 General Provisions Section 2 Creditors' Committee Chapter 8 Reorganization Section 1 Application for and P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United States
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) 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). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code ( Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Bankrupt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 11 Of The United States Code
Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. Chapters Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: *Chapter 1: General Provisions *Chapter 3: Case Administration *Chapter 5: Creditors, the Debtor and the Estate * Chapter 7: Liquidation * Chapter 9 : Adjustment of Debts of a Municipality *Chapter 11: Reorganization *Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income *Chapter 13: Adjustment of Debts of an Individual with Regular Income * Chapter 15: Ancillary and Other Cross-Border Cases References Further reading External linksUnited States Bankruptcy Codevia usbankruptcycode.orgU.S. Code Title 11 via United States Government Publishing OfficeU.S. Code Title 11 via Cornell University Cornell University is a private stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United Kingdom
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media. Bankruptcy in England and Wales In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition. An individual may present his own petition on the ground that he is insolvent, i.e. unable to pay his debts. A creditor or creditors may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency And Bankruptcy Code
The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals. Background Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations, such as the Companies Act 2013, the Sick Industrial Companies (Special Provisions) Act, 1985, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI Act), 1993, and others. History On 22 August 2014, the Ministry of Finance created the Bankruptcy Legislative Reforms Committee (BLRC). The committee was headed by T. K. Viswanathan, and tasked with drafting a new bankruptcy law. The Committee submitted itreport which included a draft bill, on 4 November 2015. A modified version of the draft bill, after the incorporation of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
