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Bankruptcy In Scotland
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
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, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . 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. However, the existence of such a ritual is doubted. 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 "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK 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, meaning 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 (SI 1986/1925, replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 (SI 2016/1024) – see #Cha ... [...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] |
Debtors (Scotland) Act 1838
The Debtors (Scotland) Act 1838 ( 1 & 2 Vict. c. 114), sometimes the Personal Diligence Act, was an act of Parliament in the United Kingdom, signed into law on 16 August 1838. It amended the law of Scotland in matters relating to personal diligence – how the person or property of a debtor could be secured – arrestments and poinding In Scots law, poinding () is that Diligence (Scots law), diligence whereby a debtor's property is carried directly to a creditor. This type of diligence has now been abolished after the enactment of the Abolition of Poindings and Warrant Sales Act ...s (pronounced ''pindings''). The effect was to simplify the form of proceedings and reduce their expense. References *''The British almanac of the Society for the Diffusion of Useful Knowledge, for the year 1839''. The Society for the Diffusion of Useful Knowledge, London, 1839. External links * * 1838 in Scotland Acts of the Parliament of the United Kingdom concerning Scotland United King ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Practitioners Association
The Insolvency Practitioners Association (IPA) is Recognised Professional Body (RPB)for the UK insolvency profession, responsible for licensing and regulation of its Insolvency Practitioner members under insolvency and Anti-Money Laundering (AML) legislation. It is the only such RPB that focuses solely on insolvency. The IPA is also acts as a membership organisation and offers training and qualifications for insolvency practitioners and those in insolvency-related work. History The IPA was formed in 1961 as a discussion group of accountants specialising in insolvency. It waincorporated under its present namein 1973. ThInsolvency Act 1986brought in a statutory authorisation regime for practitioners through seven RPBs, of which the IPA was designated one. There are nofourRPBs in the UK. Its members act as trustees in bankruptcy, nominees and supervisors of individual voluntary arrangements, liquidators, administrators and administrative receivers of companies. Governance [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Chartered Accountants Of Scotland
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs).{{Citation needed, date=November 2023 ICAS act as a voice of the professional business community. Although other British accounting bodies use the title Chartered Accountant, the CA designation is unique to ICAS in the UK.{{Citation needed, date=November 2023 ICAS has more than 21,000 members and students worldwide. ICAS members are business advisors, business owners and entrepreneurs. They play roles in 80% of the FTSE 100 companies. Half of ICAS members are based in Scotland; the other half work in England and around the globe.{{cite web, title=About ICAS, url=http://www.scottish.parliament.uk/s4/committees/eet/inquiries/ScotlandBill/documents/ICAS.pdf, work=Submission from ICAS on Corporation Tax Reform, publisher=Scottish Parliament, access-date=19 September 2011, page=16, date=8 September 2011{{dead link, date=December 2017 , bot=InternetArchiveBot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scheme Of Arrangement
Scheme or schemer may refer to: Arts and entertainment * '' The Scheme'', a BBC Scotland documentary TV series * The Scheme (band), an English pop band * ''The Scheme'', an action role-playing video game for the PC-8801, made by Quest Corporation * Schemer (comics), Richard Fisk, a Marvel Comics villain turned antihero * Horace Schemer, a fictional character in the TV series '' Shining Time Station'' * ''Schemers'' (film), a Scottish film Computing * Scheme (programming language), a minimalist dialect of Lisp * Scheme (URI), the front part of a web link, like "http" or "ftp" * Google Schemer, a former service allowing its users to share plans and interests Other uses * Classification scheme (information science), eg a thesaurus, a taxonomy, a data model or an ontology * Scheme (mathematics), a concept in algebraic geometry * Scheme (rhetoric), a figure of speech that changes a sentence's structure * Scam, an attempt to swindle or cheat people through deception * Scheme, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sequestration (law)
In law, sequestration is the act of removing, separating, or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state. Etymology The Latin ''sequestrare'', to set aside or surrender, a late use, is derived from sequester, a depositary or trustee, one in whose hands a thing in dispute was placed until the dispute was settled; this was a term of Roman jurisprudence (cf. ''Digest L.'' 16,110). By derivation it must be connected with ''sequi'', to follow; possibly the development in meaning may be follower, attendant, intermediary, hence trustee. In English "sequestered" means merely secluded, withdrawn. England In law, the term "sequestration" has many applications; thus it is applied to the act of a belligerent power which seizes the debts due from its own subject to the enemy power; to a writ directed to persons, "sequestrators", to enter on the property of the defendant and seize the goods. Church of England There are also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protected Trust Deed
A protected trust deed, overseen by the Accountant in Bankruptcy, is a voluntary but formal arrangement that is used by Scottish residents where a debtor (who can be a natural person or partnership) grants a ''trust deed'' in favor of the trustee which transfers their estate to the trustee for the benefit of creditors. Any person wanting to make an application for a protected trust deed must have been a resident of Scotland for at least six months prior to making the application. This can be a way for people to deal with debt problems by protecting the debtor from the legal enforcement of debts which are included in the trust deed, but only once it has become protected. It will not reverse any action that has been taken prior to the trust deed, such as earning or bank arrestments, although the trustee may negotiate the lifting of any arrestment. Many people who enter trust deeds are able to keep their homes, but where there is equity, that equity will normally have to be realiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reconstruction (law)
{{distinguish, Restructuring Reconstruction, in law, is the transfer of a company's (or several companies') business to a new company. The old company will get put into liquidation, and shareholders will agree to take shares of equivalent value in the new company. In UK company law, the governing provisions are in the Insolvency Act 1986, ss. 110–111. The sanction of a court is not required (unlike under a so-called "scheme of arrangement", which could or creditors). Yet if a shareholder objects, he or she may require a cash payment instead of shares. Creditors who object to have their debts transferred to a new company can demand satisfactions during the old company's liquidation. Small private companies, family companies and investment trusts often use the procedure. The purposes can vary, from changing the objects of the business, varying share class rights, or reorganize before a demerger takes place. See also * Bankruptcy * Mergers and acquisitions References * Le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diligence (Scots Law)
Diligence is a term in Scots law with no single definition but is commonly used to describe debt collection and debt recovery proceedings against a debtor by a creditor in Courts of Scotland, Scottish courts. The law of diligence is part of the law of Court action, actions in Scots law, Scots private law. Accordingly, it is within the devolved competence of the Scottish Parliament. Diligence is usually executed by Sheriff officer, Sheriff court officers but may also be carried out by Messenger-at-arms, messengers-at-arms. There are many forms of diligence, largely involving creditors and debtors. The newest form of diligence, ''land attachment'', will be introduced into Scots law when Part 4 of the Bankruptcy and Diligence (Scotland) Act 2007 is brought into force. Definition Diligence has no single definition in Scots law, but it is recognised that there were at least four broad forms of 'diligence' proceedings.Scottish Law Commission, ''Report on Diligence and Debtor Protect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Session
The Court of Session is the highest national court of Scotland in relation to Civil law (common law), civil cases. The court was established in 1532 to take on the judicial functions of the royal council. Its jurisdiction overlapped with other royal, state and church courts but as those were disbanded, the role of the Court of Session ascended. The Acts of Union 1707, Acts of Union which established the Kingdom of Great Britain on 1 May 1707 provided that the court will "remain in all time coming" as part of Scotland's separate Scots law, legal system. Cases at trial court, first instance are heard in the Outer House by a single judge. The Inner House hears appeals from the Outer House and all other courts and tribunals in Scotland. Only Scottish advocates and solicitor-advocates may argue cases before the court. The Court of Session has sat at Parliament House, Edinburgh, Parliament House since 1707. The Scottish Courts and Tribunals Service and the Principal Clerk of Session ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
