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Article X, section 4 of the Florida Constitution [17] provides for the exemption of $1,000 of personal property, which is doubled if the bankruptcy case is a joint filing with a spouse. Florida statutes provides for an additional $4,000 exemption for personal property if the person does not have the benefit of the Florida homestead exemption.
The Florida Supreme Court adopted the Florida Rules of Civil Procedure in March 1954. [2] The proper abbreviation for the rules is Fla.R.Civ.P. [ 3 ] The rules may be amended, or new rules added, from time to time and upon the approval of the Florida Supreme Court.
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]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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 ...
Simultaneously, with the issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor’s economic capability and his conduct will be examined (lasting approximately 12 months).At the end of this audit a payment plan is ...
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
In some circumstances it may appear ideal for the directors; however, if they trade under a name which is the same or substantially the same as the company in liquidation without approval from the Court, they will be committing an offence under §216 of the Insolvency Act 1986 (and equivalent legislation in UK regions). [28]