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Insolvency
Insolvency is the state of being unable to pay the money owed, by a person or company, on time; 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
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Scheme Of Arrangement
A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. lenders or debenture holders). It may affect mergers and amalgamations and may alter shareholder or creditor rights. Schemes of arrangement are used to execute arbitrary changes in the structure of a business and thus are used when a reorganisation cannot be achieved by other means
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Chapter 7, Title 11, United States Code
Chapter 7 of the Title 11 of the United States Code
Title 11 of the United States Code
( Bankruptcy
Bankruptcy
Code) governs the process of liquidation under the bankruptcy laws of the United States
United States
(in contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy)
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Misfeasance
Misfeasance, nonfeasance and malfeasance are types of failure to discharge public obligations existing by common law, custom or statute. Definition and relevant rules of law[edit] When a contract creates a duty that does not exist at common law, there are three things the parties can do wrong:Nonfeasance is the failure to act where action is required — willfully or in neglect. Misfeasance is the willful inappropriate action or intentional incorrect action or advice. Malfeasance is the willful and intentional action that injures a party.For example, if a company hires a catering company to provide drinks and food for a retirement party, and the catering company fails to show up, it is considered nonfeasance. If the catering company shows up but provides only the drinks (but not the food, which was also paid for), it is considered misfeasance
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Referee In Bankruptcy
A Referee in Bankruptcy
Bankruptcy
or Bankruptcy
Bankruptcy
Referee was a federal official with quasi-judicial powers, appointed by a United States district court to administer bankruptcy proceedings, prior to 1979. The office was first created by the Bankruptcy
Bankruptcy
Act of 1898, and was abolished by the Bankruptcy
Bankruptcy
Reform Act of 1978, which created separate United States bankruptcy courts with permanently assigned judges.[1]Contents1 History 2 Further reading 3 Attribution 4 ReferencesHistory[edit] The Bankruptcy
Bankruptcy
Act of 1898[2] established the position of bankruptcy referee "to assist in expeditiously transacting the bankruptcy business"
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Lien
A lien (/ˈliːn/ or /ˈliːən/)[Note 1] is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee[3] and the person who has the benefit of the lien is referred to as the lienor[4] or lien holder. The etymological root is Anglo-French lien, loyen "bond", "restraint", from Latin ligamen, from ligare "to bind". In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of mortgage or charge. In the US, a lien characteristically refers to nonpossessory security interests (see generally: Security interest—categories). In other common-law countries, the term lien refers to a very specific type of security interest, being a passive right to retain (but not sell) property until the debt or other obligation is discharged
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Second Lien Loan
The vast majority of all second lien loans are senior secured obligations of the borrower. Second lien loans differ from both unsecured debt and subordinated debt.Contents1 First lien secured loans 2 Unsecured debt 3 Subordinated debt 4 Application in leveraged buyouts 5 See also 6 External linksFirst lien secured loans[edit] In the event of a bankruptcy or liquidation, the assets used by the company as security would first be provided to the first lien secured lenders as repayment of their borrowings
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Security Interest
A security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral[1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations.[2] One of the most common examples of a security interest is a mortgage: When person, by the action of an expressed conveyance, pledges by a promise to pay a certain sum of money, with certain conditions, on a said date or dates for a said period, that action on the page with wet ink applied on the part of the one wishing the exchange creates the original funds and negotiable Instrument. That action of pledging conveys a promise binding upon the mortgagee which creates a face value upon the Instrument of the amount of currency being asked for in exchange
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Mortgage
A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms
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Chapter 15, Title 11, United States Code
Chapter 15, Title 11, United States
United States
Code is a section of the United States bankruptcy code that deals with jurisdiction. Under Chapter 15 a representative of a corporate bankruptcy (insolvency) proceeding outside the U.S. can obtain access to the United States
United States
courts. It allows cooperation between the United States
United States
courts and the foreign courts, as well as other authorities of foreign countries involved in cross-border insolvency cases.Contents1 Jurisdiction
Jurisdiction
issues 2 UNCITRAL 3 Discretionary assistance 4 Original Chapter 15 (1978–1984) 5 External links Jurisdiction
Jurisdiction
issues[edit] It happens with increasing frequency that a bankruptcy proceeding in one country has a connection to assets or information located in another. Because of the involvement of multiple jurisdictions, unique problems arise
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Dissolution (law)
If Wiktionary
Wiktionary
has a definition already, change this tag to TWCleanup2 or else consider a soft redirect to Wiktionary
Wiktionary
by replacing the text on this page with Wi
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Conservatorship
Conservatorship is a legal concept in the United States. A guardian or a protector is appointed by a judge to manage the financial affairs and/or daily life of another due to physical or mental limitations, or old age.[1] A person under conservatorship is a "conservatee," a term that can refer to an adult. A person under guardianship is a "ward," a term that can also refer to a minor child. The conservator may be only of the "estate" (financial affairs), but may be also of the "person," wherein the conservator takes charge of overseeing the daily activities, such as health care or living arrangements of the conservatee
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Examinership
Examinership[1]:1379–1460[2]:489–608 is a process in Irish law whereby the protection of the Court is obtained to assist the survival of a company. It allows a company to restructure with the approval of the High Court. To obtain the appointment of an examiner it is necessary to petition the High Court and persuade the court that there is a reasonable prospect of survival of the company and the whole or part of its undertaking if an examiner is appointed. The examiner has a fixed period of 70 days[3]:1344 (extensible to 100 days[3]:1369) in which to prepare a scheme of arrangement, which must be approved by at least one class of creditors of the company
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Creditor
A creditor is a party (for example, person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed.[1] The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. A secured creditor has a security or charge, which is some or all of the company’s assets, to secure the debt owed to him. This could be, for example, a mortgage, where the property represents the security
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Floating Charge
A floating charge is a security interest over a fund of changing assets (e.g. stocks) of a company or other artificial person. Unlike a fixed charge, which is created over ascertained and definite property, a floating charge is created over property of an ambulatory and shifting nature. Examples of such property are receivables and stocks. The floating charge The floating charge 'floats' or 'hovers' until the point at which it is converted into a fixed charge
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Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of Title 11 of the United States
United States
Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States
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