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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.
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 ...
In cases where a debt arises upon a tort against a non-commercial creditor, limited liability ceases to be an issue, because a duty of care can be owed regardless. This was held to be the case in Chandler v Cape plc, where a former employee of an insolvent subsidiary company successfully sued the (solvent) parent company for personal injury ...
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 It was repealed by section 1 of the Bankruptcy Act 1825 (6 Geo. 4.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).
Declaring bankruptcy allowed a debtor to avoid prison, but this was not an option available to everyone. Until 1861 it was limited to the merchant class. [ 7 ] Furthermore, the cost of filing for bankruptcy was £10, [ 7 ] which represented 10-20% of the average annual income for the common worker in the mid-1860s.
In many cases, it was simply wrong. Jo Hamilton was running a post office in a small village in southern England in 2003 when her Horizon computer started to show a shortfall of £2,000 ($2,500).
The Bill for this Act was called the Bankruptcy Act (1861) Amendment Bill. [9] Section 4 of this Act is said to have been one of the County Courts Acts 1846 to 1887. [ 10 ] This Act, except section 4, was repealed by section 20 of, and the Schedule to, the Bankruptcy Repeal and Insolvent Court Act 1869 ( 32 & 33 Vict. c. 83) with savings in ...