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Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
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]
The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action. [13] The court may appoint an official receiver, and one or more liquidators, and has general powers to enable rights and liabilities of claimants and contributories to be settled. Separate meetings of creditors and contributories ...
The judiciary of Michigan is defined under the Michigan Constitution, law, and regulations as part of the Government of Michigan.The court system consists of the Michigan Supreme Court, the Michigan Court of Appeals as the intermediate appellate court, the circuit courts and district courts as the two primary trial courts, and several administrative courts and specialized courts.
In 1833, all the county courts in all counties in the territory of Michigan except Wayne were abolished and replaced by one circuit court of the territory of Michigan. [2] In 1836, the state was divided into 3 circuits. The 1850 Michigan Constitution made the office of circuit court judges elected officials and set the term of office to six (6 ...
The Court of Claims is part of the Michigan Court of Appeals as the Supreme Court would select four appellate court judges and its presiding judge. The Court of Claims is a specialized court that handles only claims over $1,000 filed against the State of Michigan or one of its departments.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
A stay of proceedings is a ruling by the court in civil and criminal procedure that halts further legal process in a trial or other legal proceeding. [1] The court can subsequently lift the stay and resume proceedings based on events taking place after the stay is ordered. However, a stay is sometimes used as a device to postpone proceedings ...
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