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Although bankruptcy is a federal procedure, in certain regards, it looks to state law, such as to exemptions and to define property rights. The Bankruptcy Code provides that each state has the choice whether to "opt in" and use the federal exemptions or to "opt out" and to apply the state law exemptions.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study [40] found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law, the study stated, are currently faster, less expensive ...
In Germany, insolvency proceedings, both for companies and for natural persons, are regulated by the Insolvency Act (Insolvenzordnung), in effect since 1999 but with significant changes in 2012. [9] The goal of insolvency law is the equal and best satisfaction of creditors.
The notice must also include the account number used by the creditor in the two relevant communications [§ 342(c)(2)(e) & (f)]. An ineffective notice can be cured if the notice is later "brought to the attention of the creditor." This means that the notice must be received by a person designated by the creditor to receive bankruptcy notices. [8]
A Florida woman who allegedly snatched a three-year-old boy from his fenced-in yard and ran off down the street last week told the cops she shouldn’t be arrested because she “gave it back ...
An application to the court for an administration order may be made by the company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors. This is considerably ...