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Consumer bankruptcy in Canada

Consumer bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act. The legislation is complemented by regulations, as well as directives from the Office of the Superintendent of Bankruptcy that provide guidelines to trustees in bankr ...

Commercial insolvency in Canada

Commercial insolvency in Canada has options and procedures that are distinct from those available in consumer insolvency proceedings. It is governed by the following statutes: The Companies Creditors Arrangement Act "CCAA" The Winding-Up and Rest ...

Creditors' rights

Creditors rights are the procedural provisions designed to protect the ability of creditors - persons who are owed money - to collect the money that they are owed. These provisions vary from one jurisdiction to another, and may include the abilit ...

Cross-border insolvency

Cross-border insolvency regulates the treatment of financially distressed debtors where such debtors have assets or creditors in more than one country. Typically, cross-border insolvency is more concerned with the insolvency of companies that ope ...

Debt relief order

Debt relief orders are a new form of insolvency measure in the United Kingdom. They were introduced under Chapter 4 of the Tribunals, Courts and Enforcement Act 2007. A DRO is a simplified, quicker and cheaper alternative to bankruptcy in the Uni ...

Debt restructuring

Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continue ...

Debt settlement

Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. During a negotiation pe ...

Enforcement of foreign judgments

In law, the enforcement of foreign judgments is the recognition and enforcement in one jurisdiction of judgments rendered in another jurisdiction. Foreign judgments may be recognized based on bilateral or multilateral treaties or understandings, ...

Enterprise Turnaround Initiative Corporation of Japan

The Enterprise Turnaround Initiative Corporation of Japan, or ETIC-J, is a Japanese incorporated company, 50 percent owned by the Japanese government and the rest by about 130 private enterprises, which was established in 2009 under the "Enterpri ...

Financial distress

Financial distress is a term in corporate finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty. If financial distress cannot be relieved, it can lead to bankruptcy. Financial distress ...

FitzPatrick 1932

FitzPatrick 1932 is an early paper in the field of bankruptcy prediction. In a series of three articles in the monthly The Certified Public Accountant in 1932, Paul J. FitzPatrick presented data for 20 matched pairs of firms and discussed account ...

Fraudulent conveyance

A fraudulent conveyance, or fraudulent transfer, is an attempt to avoid debt by transferring money to another person or company. It is generally a civil, not a criminal matter, meaning that one cannot go to jail for it, but in some jurisdictions ...

General assignment

A general assignment or assignment is a concept in bankruptcy law that has a similar meaning, due to common law ancestry, in different jurisdictions, but wide dispersion in practical application. The "assignment for the benefit of creditors", als ...

Hong Kong insolvency law

Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in th ...

Bankruptcy Law in the Republic of Ireland

Bankruptcy in Irish Law is a legal process, supervised by the High Court whereby the assets of a personal debtor are realised and distributed amongst his or her creditors in cases where the debtor is unable or unwilling to pay his debts. Bankrupt ...

Insolvency and Bankruptcy Board of India

The Insolvency and Bankruptcy Board of India is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. It was established on 1 October 2 ...

Insolvency and Bankruptcy Code, 2016

The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha ...

Judgment summons

Judgment summons, in English law, a summons issued under the Debtors Act 1869, on the application of a creditor who has obtained a judgment for the payment of a sum of money by instalments or otherwise, where the order for payment has not been co ...

Peter S. Kaufman

Peter S. Kaufman is an American investment banker and private equity investor. He is the President and Head of Restructuring and Distressed M&A at Gordian Group LLC, an investment bank and financial advisory firm. He is also a Managing Partne ...

Liquidation

Liquidation is the process in accounting by which a company is brought to an end in the United Kingdom, Australia, New Zealand, Republic of Ireland, Cyprus, United States and Italy. The assets and property of the company are redistributed. Liquid ...

List of bankrupts

Personal bankruptcy law allows, in certain jurisdictions, an individual to be declared bankrupt, which is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by ...

Modified universalism

Modified universalism or modified universality is a legal concept relating to the general principle that in relation to corporate insolvency national courts should strive to administer the estate of insolvent companies in the spirit of internatio ...

Official Committee of Equity Security Holders

An Official Committee of Equity Security Holders is a group of shareholders formed to represent a larger group of shareholders interests in a companys bankruptcy proceedings.

Ohlson o-score

The Ohlson O-Score for predicting bankruptcy is a multi-factor financial formula postulated in 1980 by Dr. James Ohlson of the New York University Stern Accounting Department as an alternative to the Altman Z-score for predicting financial distress.

Pari passu

Pari passu is a Latin phrase that literally means "with an equal step" or "on equal footing". It is sometimes translated as "ranking equally", "hand-in-hand", "with equal force", or "moving together", and by extension, "fairly", "without partiality".

Parmalat bankruptcy timeline

In 2003, multinational Italian dairy and food corporation Parmalat collapsed with a €14 billion hole in its accounts, in what remains Europes biggest bankruptcy. The Parmalat bankruptcy hugely affected Football team AC Parma, in which Parmalat wa ...

Period of financial distress

A period of financial distress occurs when the price of a company or an asset or an index of a set of assets in a market is declining with the danger of a sudden crash of value occurring, either because the company is experiencing increasing prob ...

Personal bankruptcy

Personal bankruptcy law allows, in certain jurisdictions, an individual to be declared bankrupt. Virtually every country with a modern legal system features some form of debt relief for individuals. Personal bankruptcy is distinguished from corpo ...

Petition mill

A petition mill is a fraud in which the perpetrator poses as a financial advisor, sometimes as a credit counselor or paralegal, filing hastily prepared bankruptcy documents in the name of victims who come to the advisor as clients. The bankruptcy ...

John A. E. Pottow

John Anthony Edwards Pottow is a professor of law at the University of Michigan Law School, specializing in international commercial law, bankruptcy and consumer finance. Pottow has testified before Congressional committees on the subject of bank ...

Pre-packaged insolvency

Pre-packaged insolvency is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs ...

Preferential creditor

A preferential creditor is a creditor receiving a preferential right to payment upon the debtors bankruptcy under applicable insolvency laws. In most legal systems, some creditors are given priority over ordinary creditors, either for the whole a ...

Receivership

In law, receivership is a situation in which an institution or enterprise is held by a receiver - a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" - especially in ca ...

Referee in Bankruptcy

A Referee in Bankruptcy or Bankruptcy Referee was a federal official with quasi-judicial powers, appointed by a United States district court to administer bankruptcy proceedings, prior to 1979. The office was first created by the Bankruptcy Act o ...

Bankruptcy remote

A bankruptcy remote company is a company within a corporate group whose bankruptcy has as little economic impact as possible on other entities within the group. A bankruptcy remote company is often a single-purpose entity. In practice, due to the ...

Restructuring

Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons ...

Re Rizzo & Rizzo Shoes Ltd

Re Rizzo & Rizzo Shoes Ltd is a 1998 judgment from the Supreme Court of Canada regarding the priority of employees interests when a company declares bankruptcy. The judgment hinged on the interpretation of the Employment Standards Act and has bee ...

Saab Automobile bankruptcy

Saab Automobile was sold to Spyker Cars N.V. in 2010 after a deal between Spyker and then-current owner General Motors. After struggling to avoid insolvency throughout 2011, the company petitioned for bankruptcy following the failure of a Chinese ...

Secured creditor

A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor. In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and av ...

Seniority (financial)

In finance, seniority refers to the order of repayment in the event of a sale or bankruptcy of the issuer. Seniority can refer to either debt or preferred stock. Senior debt must be repaid before subordinated debt is repaid. Each security, either ...

Sovereign default

A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full. Cessation of due payments may either be accompanied by formal declaration of a government not to pay its debts, or it may be unanno ...

Stalking horse offer

A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act as an effective reserve bid. The intent is to maximize the value of its assets or avoid low bids, as part of a c ...

Strategic bankruptcy

A strategic bankruptcy may occur when an otherwise solvent company makes use of the bankruptcy laws for some specific business purpose other than simple inability to pay debts.

Trustee Sales Guarantee

The Trustee Sale Guarantee refers to the title guarantee that is issued at the beginning of a foreclosure. TSG helps the foreclosing trustee and beneficiary through the delivery of the information required in ensuring compliance with the statutes ...

UNCITRAL Model Law on Cross-Border Insolvency

The UNCITRAL Model Law on Cross-Border Insolvency was a model law issued by the secretariat of UNCITRAL on 30 May 1997 to assist states in relation to the regulation of corporate insolvency and financial distress involving companies which have as ...

Unfair preference

An unfair preference is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liqui ...

United Kingdom insolvency law

United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Co ...

Unsecured creditor

An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pa ...

Wage Earner Protection Program Act

The Wage Earner Protection Program Act, is an Act of the Parliament of Canada. It was part of a package of reforms to the insolvency law of Canada that were brought into force in 2008 and 2009 to compensate employees of companies made bankrupt or ...

Columbia Business Law Review

Columbia Business Law Review is a law journal published by students at Columbia Law School. It is the second most-cited student-edited business law journal and the sixth most-cited business law journal. CBLR publishes three issues each year and i ...