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A debtor commits an act of insolvency, according to the Act, “if he makes, or offers to make, any arrangement with any of his creditors for releasing him wholly or in part from his debts.” An arrangement or an offer qualifies as an act of insolvency in terms of this subsection only if it is indicative of the debtor's inability to pay his debts.
As required by various legislation, the policy regulated the process for the appointment of insolvency practitioners to act as trustees of insolvent estates in insolvency proceedings under the Insolvency Act, 1936. Insolvency practice was historically dominated by white men, [1] and section 158(2) of the Insolvency Act explicitly licensed the ...
2012-03-13 National Bank of Greece: Government of Greece 7.612 2012-03-13 Piraeus Bank: Government of Greece 5.516 2012-03-25 Laiki Bank: Bank of Cyprus: 10.812 2012-05-25 Bankia: Government of Spain: 20.962 2012-06-07 Caixa Geral de Depositos: Government of Portugal: 1.78 2012-06-07 Millennium BCP: Government of Portugal 3.3
Harksen v Lane NO and Others is an important decision of the Constitutional Court of South Africa, delivered on 7 October 1997.The court dismissed a challenge to the constitutionality of the Insolvency Act, 1936, finding that it was consistent with the right to property and right to equality for the property of a solvent spouse to be attached to the insolvent estate of his or her partner.
In Germany, insolvency proceedings, both for companies and for natural persons, are regulated by the Insolvency Act (Insolvenzordnung), in effect since 1999 but with significant changes in 2012. [9] The goal of insolvency law is the equal and best satisfaction of creditors.
The Federal Reserve System headquarters in Washington, D.C. The Bank of England in London The Reserve Bank of New Zealand in Wellington. In public finance, a lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other ...
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banks; insurance companies; trust and loan companies; telegraph companies [6] and: is either bankrupt or insolvent; has committed an act of bankruptcy under the Bankruptcy and Insolvency Act ("BIA") or is deemed insolvent under the Winding-Up and Restructuring Act ("WRA"), whether or not proceedings have been initiated under either of those Acts