Search results
Results from the WOW.Com Content Network
Since the 1970s, particularly from the time of the Bankruptcy Reform Act of 1978 in the United States, and since the Insolvency Act 1986 in the UK, two broad strands of thought emerged. The first and very prominent view, stemming primarily from work by Thomas H. Jackson and Douglas Baird is known as the "creditors' bargain model". [ 222 ]
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.
2007 run on Northern Rock, a UK bank. This is a list of bank runs. A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank might fail. As more people withdraw their deposits, the likelihood of default increases, and this encourages further withdrawals.
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
The Bankruptcy Act 1914 (4 & 5 Geo. 5. c. 59) was an Act of the Parliament of the United Kingdom which formed the primary source of UK insolvency law for approximately 70 years. [1] It came into force on 1 January 1915 repealing a number of earlier statutes. It was substantially repealed by the short-lived Insolvency Act 1985. [2]
This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 2007–2009. The list includes banks (including savings and loan associations, commercial banks and investment banks), building societies and insurance companies that were:
Discover the latest breaking news in the U.S. and around the world — politics, weather, entertainment, lifestyle, finance, sports and much more.
The Statute of Bankrupts or Bankruptcy Act 1542 (34 & 35 Hen. 8. c. 4), was an act passed by the Parliament of England in 1542. It was the first statute under English law dealing with bankruptcy or insolvency. It was repealed by section 1 of the Bankruptcy Act 1825 (6 Geo. 4. c. 16).