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Court Of Bankruptcy
A Commissioner of Bankruptcy (England and Wales) was, from 1571 to 1883, an official appointed (initially by commission of the Lord Chancellor) to administer the estate of a bankrupt with full power to dispose of all his lands and tenements.Commissioner of bankrupt. ''Oxford English Dictionary'', Oxford University Press, 2013 Bankrupts were defined as insolvent persons engaged in trade or business and kept distinct from other insolvents until 1861. The proceedings of that administration were the distribution of the property of an insolvent person to that person's creditors in proportion to the debts. History The first formal regulation of the distribution of the property of an insolvent person to that person's creditors was by the Statute of Bankrupts 1542. Administration was delegated to certain members of the Privy Council and the chief justices of King's Bench and Common Pleas. Commissioners of Bankrupts 1571–1883 1571–1831 Under the Bankrupts Act 1571 administration w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commissioner
A commissioner (commonly abbreviated as Comm'r) is, in principle, a member of a commission or an individual who has been given a commission (official charge or authority to do something). In practice, the title of commissioner has evolved to include a variety of senior officials, often sitting on a specific commission. In particular, the commissioner frequently refers to senior police or government officials. A high commissioner is equivalent to an ambassador, originally between the United Kingdom and the Dominions and now between all Commonwealth states, whether Commonwealth realms, republics or countries having a monarch other than that of the realms. The title is sometimes given to senior officials in the private sector; for instance, many North American sports leagues. There is some confusion between commissioners and commissaries because other European languages use the same word for both. Therefore titles such as ''commissaire'' in French, ''Kommissar'' in German and ''c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Official Assignee
An Official Assignee is an officer in the law court who distributes a bankrupt's assets to the creditors. He also assists the bankrupt to relieve of his obligations to the creditors. Under the bankruptcy system operating in the United Kingdom before 1869, such officers were appointed by the Lord Chancellor The lord chancellor, formally the lord high chancellor of Great Britain, is the highest-ranking traditional minister among the Great Officers of State in Scotland and England in the United Kingdom, nominally outranking the prime minister. Th ..., accountants or from the commercial world. Notes Bankruptcy in the United Kingdom Insolvency law of the United Kingdom Legal professions {{law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Law Of The United Kingdom
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. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company that i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In England And Wales
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] |
United Kingdom Insolvency Law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While Bankruptcy in the United Kingdom, UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. "Insolvency" means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 – see below), the Company Directors Disqualifica ... [...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] |
Bankruptcy Act 1861
The Bankruptcy Act 1861 ( 24 & 25 Vict. c. 134) was an Act of the Parliament of the United Kingdom. Section 69 abolished the distinction between traders and non traders, so both could apply for bankruptcy. Section 199 provided that any petition presented after another deed (for example a deed of arrangement with creditors) could be stayed. Bankruptcy Amendment Act 1862 The Act 25 & 26 Vict. c. 99, sometimes called the Bankruptcy Amendment Act 1862, the Bankruptcy Act (1861) Amendment Act or the Bankruptcy Act 1862, was an Act of the Parliament of the United Kingdom. The Bill for this Act was called the Bankruptcy Act (1861) Amendment Bill. Section 4 of this Act is said to have been one of the County Courts Acts 1846 to 1887. This Act, except section 4, was repealed by section 20 of, and the Schedule to, the Bankruptcy Repeal and Insolvent Court Act 1869 ( 32 & 33 Vict. c. 83) with savings in section 20. Section 4 was repealed by section 188 of, and the Schedule to, the Count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act 1842
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. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act 1883
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. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Court (England) Act 1831
United States bankruptcy courts are courts created under Article I of the United States Constitution. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over bankruptcy cases. The federal district courts have original and exclusive jurisdiction over all cases arising under the bankruptcy code, (see ), and bankruptcy cases cannot be filed in state court. Each of the 94 federal judicial districts handles bankruptcy matters. Technically, the United States district courts have subject matter jurisdiction over bankruptcy matters (see ). However, each such district court may, by order, "refer" bankruptcy matters to the bankruptcy court (see ). As a practical matter, most district courts have a standing "reference" order to that effect, so that all bankruptcy cases in that district are handled, at least init ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Chancellor
The lord chancellor, formally the lord high chancellor of Great Britain, is the highest-ranking traditional minister among the Great Officers of State in Scotland and England in the United Kingdom, nominally outranking the prime minister. The lord chancellor is appointed by the sovereign on the advice of the prime minister. Prior to their Union into the Kingdom of Great Britain, there were separate lord chancellors for the Kingdom of England (including Wales) and the Kingdom of Scotland; there were lord chancellors of Ireland until 1922. The lord chancellor is a member of the Cabinet and is, by law, responsible for the efficient functioning and independence of the courts. In 2005, there were a number of changes to the legal system and to the office of the lord chancellor. Formerly, the lord chancellor was also the presiding officer of the House of Lords, the head of the judiciary of England and Wales and the presiding judge of the Chancery Division of the High Court of Justic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Chancery
The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid a slow pace of change and possible harshness (or "inequity") of the Common law#History, common law. The Chancery had jurisdiction over all matters of equity, including English trusts law, trusts, English property law, land law, the estates of Mental illness, lunatics and the guardianship of infants. Its initial role was somewhat different: as an extension of the lord chancellor's role as Keeper of the King's Conscience, the court was an administrative body primarily concerned with conscientious law. Thus the Court of Chancery had a far greater remit than the common law courts, whose decisions it had the jurisdiction to overrule for much of its existence, and was far more flexible. Until the 19th century, the Court of Chancery could apply a far wider range of remedies than common law courts, such as specific performance and injunctions, and had some power to grant damage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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