31:
1787:(a) if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding £750 then due has served on the company, by leaving it at the company's registered office, a written demand (in the prescribed form) requiring the company to pay the sum so due and the company has for 3 weeks thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor,... (2) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities...
1886:). In this process, immediately after appointment the administrator completes a pre-arranged sale of the company's business, often to its directors or owners. The process can be seen as controversial because the creditors do not have the opportunity to vote against the sale. The rationale behind the device is that the swift sale of the business may be necessary or of benefit to enable a best price to be achieved. If the sale was delayed, creditors would ultimately lose out because the price obtainable for the assets would be reduced.
1224:, and actual insolvency is a synonym for the first definition of insolvency ("Insolvency is the inability of a debtor to pay their debt."). While technical insolvency is a synonym for balance-sheet insolvency, cash-flow insolvency and actual insolvency are not synonyms. The term "cash-flow insolvent" carries a strong (but perhaps not absolute) connotation that the debtor is balance-sheet solvent, whereas the term "actually insolvent" does not.
1197:, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company that is balance-sheet insolvent may still have enough cash to pay its next bill on time. However, most laws will not let the company pay that bill unless it will directly help all their creditors. For example, an insolvent farmer may be allowed to hire people to help harvest the crop, because
1637:
553:
1813:
which is for solvent companies. Alternatively, a creditor can petition the court for a winding-up order which, if granted, will place the company into what is called compulsory liquidation or winding up by the court. The liquidator realises the assets of the company and distributes funds realised to creditors according to their priorities, after the deduction of costs. In the case of
1707:, owners of businesses that had at any stage traded insolvently (i.e. that had a balance-sheet insolvency) become personally liable for the business's debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfill its debt obligations when they fall due.
1812:
as liquidator. However, the liquidation will not be effective legally without the convening of a meeting of creditors who have the opportunity to appoint a liquidator of their own choice. This process is known as creditors voluntary liquidation (CVL), as opposed to members voluntary liquidation (MVL)
1741:
Turkish insolvency law is regulated by
Enforcement and Bankruptcy Law (Code No: 2004, Original Name: İcra ve İflas Kanunu). The main concept of the insolvency law is very similar to Swiss and German insolvency laws. Enforcement methods are realizing pledged property, seizure of assets and bankruptcy.
1385:
Insolvency regimes around the world have evolved in very different ways, with laws focusing on different strategies for dealing with the insolvent. The outcome of an insolvent restructuring can be very different depending on the laws of the state in which the insolvency proceeding is run, and in many
1852:
is a procedure to protect a company from its creditors in order for it to be able to make significant operational changes or restructuring so that it could continue as a going concern, or at least in order to achieve a better outcome for creditors than via liquidation. In contrast to
Chapter 11 in
1915:
In individual cases the bankruptcy estate is dealt by an official receiver, appointed by the court. In some cases the file is transferred to RTLU (OR Regional
Trustee Liquidator Unit) that will assess your assets and income to see if you can contribute towards paying costs of bankruptcy or even
1865:
is a legal agreement between the company and its creditors, based on paying a fixed amount lower than the outstanding actual debt. These are normally based on a monthly payment, and at the end of the agreed term the remaining debt is written-off. The CVA is managed by a
Supervisor who must be a
1331:
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 in order to improve or restore liquidity and rehabilitate so that it can continue its operations.
1340:
Although the term "bankrupt" may be used referring to a government, sovereign states do not go bankrupt. This is so because bankruptcy is governed by national law; there exists no entity to take over such a government and distribute assets to creditors. Governments
1857:
to manage the company's affairs to protect the creditors of the insolvent company and balance their respective interests. Unless the company itself is saved by this process, the company is subsequently put into liquidation to distribute the remaining
30:
1903:
or, in
Scotland, receivership, has existed for many years and has often resulted in a successful rescue of a company's business via a sale, but not of the company itself. Since the introduction of the collective insolvency procedure of
1309:
provisions), the business may continue under a declared protective arrangement while alternative options to achieve recovery are worked out. Increasingly, legislatures have favored alternatives to winding up companies for good.
2280:
1894:
In addition to the above-mentioned corporate insolvency procedures, a creditor holding security over an asset of the company may have the power to appoint an insolvency practitioner as administrative receiver or, in
1956:
In determining whether a gift or a payment to a creditor is an unlawful preference, the date of the insolvency, rather than the date of the legally declared bankruptcy, will usually be the primary consideration.
1953:. However, some state courts have begun to find individual corporate officers and directors liable for driving a company deeper into bankruptcy, under the legal theory of "deepening insolvency".
1583:
Iranian government Tax, finance and bankruptcy administration handles corporations . First insolvency law was adopted 1935. Those who claim inability are temporary exempt from debt payment.
1438:, Creditors Voluntary Liquidation, and Court Liquidation. Secured creditors with registered charges are able to appoint Receivers and Receivers & Managers depending on their charge.
2227:
1412:, the insolvency of individuals is regulated under the Bankruptcy Act (Cap B.15) and corporate insolvency is governed by the Bankruptcy Act (Cap B.15) or the Companies Act (Cap C.65).
2160:
1912:
or, in
Scotland, receivership procedure and it is no longer possible to appoint an administrative receiver or, in Scotland, receiver under security created after 15 September 2003.
1833:
It can be a civil and even a criminal offence for directors to allow a company to continue to trade whilst insolvent. However, two new insolvency procedures were introduced by the
1509:. While regular insolvency proceedings are led by a court-appointed insolvency administrator, 'debtor-in-possession' proceedings are common since the legislative changes in 2012.
1325:
Debt restructurings are typically handled by professional insolvency and restructuring practitioners, and are usually less expensive and a preferable alternative to bankruptcy.
1501:
If the interests of creditors are respected, insolvent companies are offered different ways to restructure their businesses, for example by implementing an 'insolvency plan'
2276:
1623:
In Russia, insolvency law is governed by
Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions".
1949:
has established insolvency regimes which aim to protect the insolvent individual or company from the creditors, and balance their respective interests. For example, see
1297:. Implementing a business turnaround may take many forms, including keep and restructure, sale as a going concern, or wind-down and exit. In some jurisdictions, it is an
2080:
and Lyndon Norley, Kirkland & Ellis
International LLP (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition
1534:, insolvency is primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) and the Companies (Winding Up) Rules (Cap 32H).
1357:" often find ways to do so). The recourse for the creditor is to request to be repaid at least some of what is owed. However, in most cases, debt in default is
1179:
to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough
1575:
Insolvent citizens may not contest/be appointed for any public office, nor may they participate in govt exams. They are also not allowed to emigrate out.
1853:
the US where the directors remain in control throughout that restructuring process, in the UK an
Administrator is appointed who must be a licensed
1516:(literally "insolvency proceeding for individual consumers") allows discharge of all debts after three years, if certain conditions are met.
334:
2216:
817:
2101:
1498:
in effect since 1999 but with significant changes in 2012. The goal of insolvency law is the equal and best satisfaction of creditors.
1345:
be insolvent in terms of not having money to pay obligations when they are due. If a government does not meet an obligation, it is in "
2713:
1942:. This is important because certain rights under the code may be invoked against an insolvent party which are otherwise unavailable.
1592:
390:
1950:
1557:
1479:
802:
319:
190:
1285:
and elimination of insolvent entities but on the remodeling of the financial and organizational structure of debtors experiencing
1353:
entities, creditors who hold debt of the government cannot easily seize the assets of the government to re-pay the debt (though "
446:
57:
2125:
1808:
can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed
2085:
1447:
807:
360:
1990:
1116:
967:
671:
568:
519:
185:
1568:
and entities like
Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in
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812:
578:
1805:
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is when a person or company does not have enough assets to pay all of their debts. The person or company might enter
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82:
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2067:
Enterprise Bankruptcy Law of the People's Republic of China (August 27, 2006), Chapter 2, Section 2, Article 16.
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It can be, in several jurisdictions, grounds for a civil action or even an offence to continue to pay some
400:
1729:
may lead to the seizure and auctioning off of assets (generally in the case of private individuals) or to
1494:, insolvency proceedings, both for companies and for natural persons, are regulated by the Insolvency Act
1935:
1909:
1900:
1658:
1187:. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty.
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1421:
466:
355:
1647:
1618:
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1465:
1456:, insolvency law is primarily codified in the Insolvency Act, 2003 and the Insolvency Rules, 2005.
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Thompson, David (2007). "A Critique of 'Deepening Insolvency,' a New Bankruptcy Tort Theory".
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which aim to provide time for the rescue of a company or, at least, its business. These are
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1934:, a person is considered to be insolvent when the party has ceased to pay its debts in the
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1233:
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441:
47:
1478:. An alternative regime is available to larger companies (or affiliated groups) under the
8:
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assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by
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1938:, or cannot pay its debts as they become due, or is insolvent within the meaning of the
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so as to permit the rehabilitation and continuation of their business. This is known as
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to continue in business while insolvent. In others (like the United States with its
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in order to always be clear – where technical insolvency is a
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200:
2098:"Restructure your business through the Companies' Creditors Arrangement Act"
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2010:
Fundamentals of Corporate Finance, Ross-Westerfield-Jordan, 10th e, p.549
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in preference to other creditors once a state of insolvency is reached.
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proceedings (generally in the case of registered commercial entities).
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is reserved for individuals. Insolvency is defined both in terms of
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1409:
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1314:
1208:
It has been suggested that the speaker or writer should either say
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118:
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in 1986, the legislators have decided to set a shelf life on the
1602:
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1244:
1217:
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780:
760:
666:
1870:. If the CVA fails, the company is usually put into liquidation.
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with resulting legal orders intended to resolve the insolvency.
2382:
2277:
Infographic Insolvency Risk Map Q2 2018 – Euler Hermes forecast
1471:
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happens when total liabilities exceed total assets (negative
1176:
949:
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1552:, bankruptcy and insolvency are generally regulated by the
1474:, bankruptcy and insolvency are generally regulated by the
1138:
736:
288:
2049:. Hauppauge, NY: Barron's Educational Series, 2003. Print.
1804:(sometimes referred to as winding-up). The directors and
1785:
123.-(1) A company is deemed unable to pay its debts ---
2290:
1243:—where liabilities exceed assets. Insolvency is not a
2100:. Office of the Superintendent of Bankruptcy Canada.
1251:, which is a determination of insolvency made by a
1239:Balance sheet insolvency involves having negative
1390:in a company may hold the advantage in different
2695:
1157:; those in a state of insolvency are said to be
2187:Stanford Journal of Law, Business & Finance
1558:Insolvency and Bankruptcy Board of India (IBBI)
1220:for balance sheet insolvency, which means that
1201:harvesting and selling the crop would be even
2306:
1800:A company which is insolvent may be put into
1110:
513:
2070:
2019:
1984:
1899:, receiver. The process, latterly known as
1795:, Section 123 (Part IV, Chapter VI), p. 68.
1665:. Unsourced material may be challenged and
1222:its liabilities are greater than its assets
818:International Financial Reporting Standards
2313:
2299:
2047:Dictionary of Finance and Investment Terms
2045:Downes, John, and Jordan Elliot. Goodman.
1430:, corporate insolvency is governed by the
1117:
1103:
520:
506:
1685:Learn how and when to remove this message
1593:Bankruptcy Law in the Republic of Ireland
1441:
1273:The principal focus of modern insolvency
2184:
1951:Chapter 11, Title 11, United States Code
1482:, where total debts exceed $ 5 million.
1232:Cash-flow insolvency involves a lack of
1227:
1137:is the state of being unable to pay the
16:State of being unable to pay one's debts
2217:"Cross-border insolvency law in the EU"
1878:that is becoming more common is called
1175:is when a person or company has enough
2696:
2226:. Library of the European Parliament.
2142:https://rc.majlis.ir/fa/law/show/92296
1756:
2294:
2233:from the original on 28 December 2013
2104:from the original on 10 December 2014
1480:Companies' Creditors Arrangements Act
1448:British Virgin Islands bankruptcy law
1320:
808:Generally-accepted auditing standards
2463:Debtor-in-possession (DIP) financing
1781:, Section 123, which reads in part:
1663:adding citations to reliable sources
1630:
2090:
2076:Joseph Swanson and Peter Marshall,
2058:UK Insolvency Act 1986, Section 123
2022:"Moneyterms Investment Definitions"
1987:"Moneyterms Investment Definitions"
1863:Company Voluntary Arrangement (CVA)
823:International Standards on Auditing
13:
2208:
1335:
29:
14:
2730:
2246:
2214:
1819:Individual Voluntary Arrangements
1817:, the insolvency options include
1745:
1434:(Cth). Companies can be put into
1281:practices no longer rests on the
880:Notes to the financial statements
2714:Bankruptcy law legal terminology
1919:
1635:
1605:, insolvency is governed by the
1301:under the insolvency laws for a
828:Management Accounting Principles
551:
2178:
2153:
2135:
2028:from the original on 2017-03-17
1993:from the original on 2017-07-05
1926:Bankruptcy in the United States
1889:
1626:
1268:
1236:to pay debts as they fall due.
2116:
2061:
2052:
2039:
2013:
2004:
1978:
1916:discharge part of your debts.
1710:
1554:Insolvency and Bankruptcy Code
1544:Insolvency and Bankruptcy Code
1:
1972:
1843:Company Voluntary Arrangement
1828:
1752:United Kingdom insolvency law
1717:Insolvency law of Switzerland
1514:Verbraucherinsolvenzverfahren
1476:Bankruptcy and Insolvency Act
803:Generally-accepted principles
1699:South African insolvency law
1519:
1415:
1369:(which typically results in
7:
1960:
1936:ordinary course of business
1910:administrative receivership
1901:administrative receivership
1397:
10:
2735:
1923:
1749:
1714:
1696:
1616:
1590:
1586:
1564:for overseeing insolvency
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1463:
1445:
1419:
1401:
2658:
2624:
2551:
2476:
2420:
2368:
2335:
2328:
2267:Resources in your library
2161:"اعسار چيست و معسر كيست؟"
1736:
1612:
1512:For natural persons, the
1459:
1422:Australian insolvency law
672:Constant purchasing power
569:Constant purchasing power
467:History of bankruptcy law
2320:
2167:(in Persian). 2013-08-24
1882:(more information under
1619:Insolvency law of Russia
1537:
1526:Hong Kong insolvency law
1466:Insolvency law of Canada
1436:Voluntary Administration
1404:Anguillan bankruptcy law
1361:by further borrowing or
1191:Balance-sheet insolvency
1003:Accounting organizations
991:People and organizations
237:Voidable floating charge
2632:Consumer leverage ratio
2543:Tax refund interception
1932:Uniform Commercial Code
1880:pre pack administration
1874:One particular type of
1868:Insolvency Practitioner
1855:Insolvency Practitioner
1810:Insolvency Practitioner
1578:
1161:. There are two forms:
751:Amortization (business)
484:Pre-packaged insolvency
437:Bankruptcy alternatives
325:Cross-border insolvency
263:Trading while insolvent
114:Insolvency practitioner
93:Provisional liquidation
1815:Sole Trader Insolvency
1798:
1597:Liquidation in Ireland
1454:British Virgin Islands
1442:British Virgin Islands
1380:
1349:". As governments are
227:Undervalue transaction
34:
2637:Debt levels and flows
1783:
1432:Corporations Act 2001
1259:Accounting insolvency
1228:Technical definitions
875:Management discussion
432:Anti-deprivation rule
330:Insolvency Regulation
222:Fraudulent conveyance
206:Scheme of arrangement
160:Preferential creditor
139:Trustee in bankruptcy
134:Referee in Bankruptcy
33:
2458:Debt snowball method
2132:Bundesamt für Justiz
1884:administration (law)
1659:improve this section
1210:technical insolvency
1173:Cash-flow insolvency
842:Financial statements
795:Accounting standards
1835:Insolvency Act 1986
1793:Insolvency Act 1986
1779:Insolvency Act 1986
1757:Insolvency Act 1986
1725:law, insolvency or
1496:(Insolvenzordnung),
1291:business turnaround
1205:for his creditors.
1068:Earnings management
1038:Positive accounting
912:Double-entry system
902:Bank reconciliation
707:Revenue recognition
186:Administration (UK)
2283:2020-03-07 at the
2147:2020-02-02 at the
2128:2019-03-11 at the
2123:Insolvency Statute
1607:Companies Act 2014
1329:Debt restructuring
1321:Debt restructuring
1287:financial distress
1279:debt restructuring
1043:Sarbanes–Oxley Act
978:Sarbanes–Oxley Act
907:Debits and credits
742:Cost of goods sold
697:Matching principle
462:Financial distress
335:UNCITRAL Model Law
253:Fraudulent trading
170:Unsecured creditor
35:
2691:
2690:
2538:Strategic default
2503:Collection agency
2416:
2415:
2398:Predatory lending
2253:Library resources
2086:978-1-905121-31-1
2020:Graeme Pietersz.
1985:Graeme Pietersz.
1695:
1694:
1687:
1295:business recovery
1214:actual insolvency
1127:
1126:
1088:Two sets of books
1083:Off-balance-sheet
725:Selected accounts
662:Accounting period
530:
529:
489:Sovereign default
472:List of bankrupts
442:Creditors' rights
304:Security interest
232:Unfair preference
214:Avoidance regimes
124:Regulatory agency
2726:
2383:Consumer lending
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1982:
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1773:and in terms of
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1386:cases different
1365:by issuing more
1119:
1112:
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555:
532:
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299:Second lien loan
268:Wrongful trading
165:Secured creditor
19:
18:
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2683:Promissory note
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2620:
2601:Deposit account
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2518:Debtors' prison
2472:
2438:Management plan
2412:
2364:
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2319:
2285:Wayback Machine
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2272:
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2209:Further reading
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2149:Wayback Machine
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2130:Wayback Machine
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1940:Bankruptcy Code
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2667:
2648: /
2644: /
2611:Money market
2606:Fixed income
2533:Phantom debt
2513:Debt bondage
2481:
2257:
2235:. Retrieved
2223:
2190:
2186:
2180:
2169:. Retrieved
2164:
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2137:
2118:
2106:. Retrieved
2092:
2072:
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2041:
2030:. Retrieved
2015:
2006:
1995:. Retrieved
1980:
1955:
1944:
1929:
1914:
1905:
1893:
1890:Receivership
1879:
1875:
1873:
1862:
1849:
1838:
1832:
1806:shareholders
1799:
1784:
1760:
1740:
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1705:South Africa
1702:
1681:
1672:
1657:Please help
1645:
1627:South Africa
1622:
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1388:stakeholders
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1272:
1269:Consequences
1257:
1253:court of law
1238:
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1213:
1209:
1207:
1202:
1198:
1190:
1189:
1172:
1171:
1169:insolvency.
1158:
1134:
1128:
1008:Luca Pacioli
929: /
749: /
747:Depreciation
655:Key concepts
627:Governmental
476:
401:South Africa
98:Receivership
78:Examinership
22:
2650:Odious debt
2528:Garnishment
2393:Payday loan
2329:Instruments
2237:21 February
2108:11 December
1802:liquidation
1765:, the term
1727:foreclosure
1711:Switzerland
1566:proceedings
1303:corporation
1283:liquidation
1275:legislation
1185:negotiation
1021:Development
998:Accountants
894:Bookkeeping
813:Convergence
771:Liabilities
702:Materiality
590:Major types
406:Switzerland
258:Misfeasance
88:Liquidation
73:Dissolution
2704:Insolvency
2698:Categories
2668:Insolvency
2576:Government
2508:Compliance
2498:Charge-off
2478:Collection
2428:Bankruptcy
2421:Management
2388:Loan shark
2355:Government
2258:Insolvency
2193:(2): 536.
2171:2024-05-15
2032:2013-12-27
1997:2013-12-27
1973:References
1930:Under the
1829:Procedures
1823:Bankruptcy
1777:in the UK
1767:bankruptcy
1731:bankruptcy
1556:2016. The
1359:refinanced
1307:Chapter 11
1249:bankruptcy
1241:net assets
1195:bankruptcy
1135:insolvency
1131:accounting
1056:Misconduct
682:Fair value
632:Management
574:Management
545:Accounting
478:Pari passu
343:By country
129:Liquidator
53:Bankruptcy
23:Insolvency
2625:Economics
2586:Municipal
2571:Diplomacy
2566:Corporate
2523:Distraint
2360:Municipal
2350:Debenture
2345:Corporate
1866:licensed
1771:cash flow
1675:June 2019
1646:does not
1562:regulator
1532:Hong Kong
1520:Hong Kong
1428:Australia
1416:Australia
1371:inflation
1363:monetized
1351:sovereign
1315:creditors
1263:net worth
1234:liquidity
1163:cash-flow
1159:insolvent
1078:Hollywood
958:Financial
860:Cash-flow
617:Financial
381:Hong Kong
356:Australia
196:Cram down
147:Claimants
106:Officials
40:Processes
2673:Interest
2646:Internal
2642:External
2561:Consumer
2493:Bad debt
2281:Archived
2228:Archived
2145:Archived
2126:Archived
2102:Archived
2026:Archived
1991:Archived
1967:Solvency
1961:See also
1897:Scotland
1790:—
1410:Anguilla
1398:Anguilla
1367:currency
1155:maturity
1063:Creative
1033:Research
963:Internal
950:Auditing
766:Goodwill
761:Expenses
612:Forensic
537:a series
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294:Mortgage
276:Security
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155:Creditor
119:Tribunal
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2581:Medical
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2485:Evasion
2447:history
2199:1377375
1761:In the
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1603:Ireland
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1218:synonym
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1141:, by a
1028:History
922:Journal
781:Revenue
667:Accrual
457:Default
391:Ireland
2480:
2443:Relief
2255:about
2197:
2084:
1858:funds.
1737:Turkey
1721:Under
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1472:Canada
1460:Canada
1181:liquid
1177:assets
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1143:person
973:Report
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865:Equity
776:Profit
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732:Assets
637:Social
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2231:(PDF)
2220:(PDF)
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622:Fund
607:Cost
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1212:or
1199:not
1145:or
1129:In
642:Tax
579:Tax
361:BVI
83:IVA
63:CVA
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