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t. e. In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but ...
Failure of John Law's Mississippi Company led to French national bankruptcy in 1720. 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 physical labour. Many city-states in ancient Greece limited ...
Termination of employment. Termination of employment or separation of employment is an employee's departure from a job and the end of an employee's duration with an employer. Termination may be voluntary on the employee's part (resignation), or it may be at the hands of the employer, often in the form of dismissal (firing) or a layoff.
Generally, a statement from a court that a writ is allowed (i.e. granted); most commonly, a grant of leave to appeal by the Supreme Court of Pennsylvania, in reference to which the word is used equivalently to certiorari (q.v.) elsewhere. / ˌ æ l l oʊ k eɪ t ʊr / alter ego: another I A second identity living within a person. / ˌ ɒ l t ...
Wage theft. Service Employees International Union anti-wage theft protest (Seattle, 2013) Wage theft is the failing to pay wages or provide employee benefits owed to an employee by contract or law. It can be conducted by employers in various ways, among them failing to pay overtime; violating minimum-wage laws; the misclassification of ...
[7] In many cases, failure to pay CJFOs may disqualify the individual from receiving public assistance, and debts that are incurred through the justice system are not subject to discharge through bankruptcy. [9] Until payment is complete, legal debtors may be ineligible to vote, possess a firearm, be pardoned, or request deferred prosecution.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [1][2] Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower ...
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation (s), whether ...