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Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy is to liquidate company assets and pay its creditors. The second one is Court-ordered Restructuring (Recuperação Judicial). The goal is to ...
In India, bankruptcy and insolvency are generally regulated by the Insolvency and Bankruptcy Code 2016. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
Pages for logged out editors learn more. Contributions; Talk; Bankruptcy proceedings
A Chapter 7 bankruptcy (or BK, as we call it) would eliminate most or all of their debts and they would get a clean slate. No litigation client ever wrote me a thank-you note, but plenty of my ...
Bankruptcy can be a reasonable approach to resolving debt, but this approach doesn’t discharge or eliminate all kinds of debt. Alimony and child support, for example, aren’t dischargeable ...
receivership and CCAA proceedings may proceed directly into bankruptcy proceedings after the super-priority and secured creditors have been settled in full, in order to vary the priority in which certain other items must be settled; participation in the claims process does not preclude any other remedies creditors may have available.
Bob and Tammy Branson, a bankruptcy attorney and senior paralegal, respectively, successfully represented Dale in her bankruptcy proceedings. Tammy said that over the past 25 years, it was nearly ...