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Since the 1970s, particularly from the time of the Bankruptcy Reform Act of 1978 in the United States, and since the Insolvency Act 1986 in the UK, two broad strands of thought emerged. The first and very prominent view, stemming primarily from work by Thomas H. Jackson and Douglas Baird is known as the "creditors' bargain model". [ 222 ]
A conventional bankruptcy case is one in which the debtor files for Chapter 11 relief without having agreed in advance to the terms of a plan of reorganization with its creditors. During the course of the Chapter 11 case, the debtor or, if the debtor does not retain the exclusive right to propose a plan, a creditor or creditor group may ...
In Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966. [16] Companies do not go bankrupt but rather go into liquidation or administration, which is governed by the federal Corporations Act 2001. [17]
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The Accountant in Bankruptcy (AiB) is the Scottish government agency responsible for administering the process of personal bankruptcy and corporate insolvency, administering the Debt Arrangement Scheme (DAS), [1] and implementing, monitoring and reviewing government policy in these and related areas, for example protected trust deeds and diligence.
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