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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.
However, many principles of insolvency are rooted in bankruptcy laws that trace back to ancient times. Regulation of bankruptcy was a necessary part of every legal system, and is found in the Code of Hammurabi (18th century BC), the Twelve Tables of the Roman Republic (450 BC), the Talmud (200 AD), and the Corpus Juris Civilis (534 AD). [7]
Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. Spain became the first sovereign nation in history to declare ...
A separate Court of Bankruptcy was established in 1831 under the Bankruptcy Court (England) Act 1831 to replace those commissioners. The court consisted of four judges and only six commissioners. A decade later district courts were established.
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 It was repealed by section 1 of the Bankruptcy Act 1825 (6 Geo. 4.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).
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 It was substantially repealed by the short-lived Insolvency Act 1985.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]
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The Bankruptcy Act 1705 (4 & 5 Ann. c. 4) was an Act of Parliament of England. Content ... History of bankruptcy law; Notes This page was ...