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A “debtor,” for the purposes of the Act, is “a person or a partnership, or the estate of a person or partnership, which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies.”
the application was made simply to try and permit the company to continue to trade where the company is insolvency and clearly should be wound up; or; there was a genuine dispute as to the creditor’s debt. Given their nature, applications for provisional liquidation are often made urgently and without giving notice to the company or its ...
It is just and equitable to wind up the company, as for an example specified by an insolvency act [4] In practice, the vast majority of compulsory winding-up applications are made under one of the last two grounds. [5] An order will not generally be made if the purpose of the application is to enforce payment of a debt which is bona fide ...
In Spain, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses, and therefore the number of insolvencies is quite low. For comparison: In France, more than 40,000 insolvency proceedings were opened in 2004, but under 600 were opened in Spain. At the same time the average bad debt write ...
Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding ...
They established jurisdiction by serving Samba's London branch. In the proceedings they claimed that the purported transfer of the shares was void under section 127 of the Insolvency Act 1986, and the shares beneficially belonged to SICL for the benefit of its creditors. Samba opposed the application on a number of legal and procedural grounds.