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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.
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. [1] A bank typically fails economically when the market value of its assets falls below the market value of its liabilities .
The debtor may, for instance, arrange with a friend to whom he owes a debt, and whom he is unable to pay, that he (the debtor) will commit an act of insolvency. (He will, for instance, write a letter saying that he cannot meet the debt.) The friend will then apply for compulsory sequestration on the strength of this act of insolvency.
It has been suggested that the speaker or writer should either say technical insolvency or actual insolvency in order to always be clear – where technical insolvency is a synonym for balance sheet insolvency, which means that its liabilities are greater than its assets, and actual insolvency is a synonym for the first definition of insolvency ...
Bankruptcy, also referred to as insolvency in Canada, is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy on 15 January 2015, and closed all ...
That move paid off when she eventually negotiated a separate settlement for California; in 2012, the banks presented the state $18.4 billion in debt relief and $2 billion in other forms of ...
A number of legal systems make provision for companies trading while insolvent to be unlawful in certain circumstances, and provide for directors to become personally liable for a company's debts if they have acted improperly. In most legal systems, the liability in respect of unlawful transactions only extends for a certain period of time ...
On August 1, 2022, Demotech downgraded the FSR for United Property and Casualty Insurance (UPC) from an A to M and subsequently, UPC was declared insolvent on February 6, 2023.