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If you run a company that has found itself with unmanageable debt, you might be weighing your options. Your choices may include filing for bankruptcy or restructuring the company under a ...
In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. [1]
Bankruptcy is a legal process ... divorce or company bankruptcy. ... (administration order and administrative receivership). However, the term 'bankruptcy' is often ...
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States.It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business.
In most jurisdictions, a liquidator's powers are defined by statute. [3] Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by the court, by an extraordinary resolution (in a members' voluntary winding up) or the liquidation committee or a meeting of the company's creditors .In the United Kingdom, see sections 165-168 of the ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
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The office of official receiver was established by the Bankruptcy Act 1883 (46 & 47 Vict. c. 52). Their role was originally confined to personal bankruptcy , but it was extended to companies in compulsory liquidation by the Companies (Winding Up) Act 1890 ( 53 & 54 Vict. c. 63).