Information sheet for proceedings for the granting of residual debt discharge

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Information sheet for proceedings for the granting of residual debt discharge"

Transcription

1 Information sheet for proceedings for the granting of residual debt discharge After the completion of insolvency proceedings, the insolvency court may cancel the residual debts of debtors if these are natural persons, upon request. Before the cancellation of the debts, however, the debtors must make every effort in good faith to pay off their debts. For six years, earned income and similar current earnings must be made available to a trustee for paying off the debts. For these proceedings for the granting of residual debt discharge, the Insolvency Code (InsO) stipulates particular rules. For the petition for the granting of residual debt discharge in consumer proceedings, special rules apply. Further details of this are shown in an information sheet for consumer insolvency proceedings, which may be obtained from the courts. 1. Petition A debtor may only file a petition for the granting of residual debt discharge by him / herself (section 287 InsO). The petition shall be conjoined with the debtor s petition to commence insolvency proceedings: If it is not conjoined with the petition to commence insolvency proceedings, the court will notify the debtor of the possibility of the granting of residual debt discharge. The petition for the granting of residual debt discharge must consequently be filed without delay after this notice. The petition must be filed in writing at the competent court (insolvency court). The details are as shown in a petition form, which may be obtained at any insolvency court. A declaration of assignment, according to which the debtor assigns attachable claims of earnings from an employment relationship (e.g. claims for earned income) or other current earnings, which replace these earnings (e.g. old-age pensions or benefits of the unemployment insurance fund) to a trustee, whom the court determines in the further course of the proceedings. If these claims have already been assigned or pledged to a third party beforehand (e.g. to lenders) this must be stated in the declaration of assignment. The income exempt from execution remains with the debtors. 2. Insolvency proceedings as a requirement for the granting of residual debt discharge The insolvency court will only deal with the petition for the granting of residual debt discharge unless the petition is inadmissible (e.g. because it was delivered late) if the commenced insolvency proceedings have essentially been carried out and are near completion. At least the general hearing for the proving of debts, in which the notified creditors claims have been examined, must have taken place. Moreover, the debtor s freely available assets (the insolvent person s estate) must have been evaluated and the distribution of the proceeds be terminated (section 289 (1), (3) sections InsO). 3. The institution of proceedings: Notice or refusal of granting of residual debt discharge The proceedings to grant residual debt discharge may be broken down into the following main sections: Notice of proceedings Period of good conduct Granting of residual debt discharge, Revocation proceedings. The first decision of the insolvency court on the granting of residual debt discharge is the decision regarding its formal notice (sections InsO). Here, it is decided whether the proceedings have actually been commenced.

2 Before the decision, the insolvency creditors are given the opportunity to deliver an opinion on the debtor s petition in the last meeting of creditors before the completion of the insolvency proceedings (or in the corresponding part of the proceedings carried out in writing). In the process, any insolvency creditor may file a petition for the rejection (refusal) of the granting of residual debt discharge. Insolvency creditors are creditors who had a justified personal claim to assets against the debtor at the time of the commencement of proceedings (section 38 InsO). A reason for refusal is at hand if the debtor (cf. section 290 (1) InsO): has been finally convicted of a criminal offence in insolvency matters (sections 283 to 283c StGB), in the last few years before the petition to commence insolvency proceedings (petition to commence proceedings) or after this petition of wilfully or by gross negligence furnishing incorrect or incomplete written details of the economic circumstances in order to obtain a loan, obtain payments from public authorities or avoid payments to public funds, in the last few year before the petition to commence proceedings or after this petition already obtaining the granting of residual debt discharge or this has been refused pursuant to section 296 or 297 InsO, in the last year before the petition to commence proceedings or after this petition wilfully or by gross negligence impairing the satisfaction of the insolvency creditors to the effect that inappropriate liabilities were established, assets were wasted or the commencement of the insolvency proceedings was delayed without prospects of an improvement of the economic situation, during insolvency proceedings wilfully having breached duties to furnish information and cooperate pursuant to the Insolvency Code or in the schedules of assets, income and creditors and claims to be presented pursuant to section 305 (1) no. 3 InsO wilfully or by gross negligence having furnished incorrect or incomplete details. The petition for refusal to grant residual debt discharge is only admissible if the alleged ground for the refusal is substantiated (section 290 (2) InsO): The means of substantiation (e.g. affirmation in lieu of oath or suitable certificates) must be presented with the petition for refusal to grant residual debt discharge; the offer to file the supporting documents subsequently is not sufficient. Moreover, the granting of residual debt discharge must be refused if the debtor during the consumer insolvency proceedings has failed to comply with a court order to pay pursuant to section 314 InsO. According to this regulation, the court may order that the insolvent person s estate will not be realised in whole or in part, but instead the debtor must raise a certain monetary amount. If this amount is not paid despite two setting a time-limit for observance, this is a ground for refusal (section 314 (3) sentence 2 InsO). If the court does not establish a ground for refusal after consulting with the debtors and after clarification of the facts of the case, it will announce the granting of residual debt discharge (section 291 InsO). At the same time, a trustee determines this. The debtor s attachable earnings are transferred to this person based on the declaration of assignment.

3 4. Debtor s obligations in the period of good conduct The legally valid notice of the granting of residual debt discharge constitutes the start of the term of the declaration of assignment. This so-called period of good conduct lasts six years and is calculated already from the commencement of the insolvency proceedings. In the case of debtors who were already insolvent on 1 January 1997, this ends after five years (Art. 107 of the Introductory Law to the Insolvency Code [Einführungsgesetz zur Insolvenzordnung (EGInsO)]). In this time, the insolvent person has the following duties (Obligations, section 295 InsO): He / she must engage in gainful employment and, if he / she is without employment, must make every effort to find such; he / she may not reject any reasonable employment activity. If he / she engages in a self-employed employment activity, he / she must place the insolvency creditors, through payments to the trustee, in the same position they would have been in had he / she entered into an employment relationship. He / she must return half of the value of the assets that he / she acquires ex mortis causa or in consideration of a future share is a deceased person s estate, to the trustee. He / she must notify any change of place of residence or place of employment without delay to the insolvency court and the trustee. He / she may not conceal from the court and the trustee any of the earnings included in the declaration of assignment or assets which he / she acquires ex mortis causa or in consideration of a future share in a deceased person s estate. He / she must give information to the court or the trustee on request about his / her gainful employment or his / her efforts to find such as well as his / her earnings and assets. He / she may only make payments for satisfying the insolvency creditors to the trustee and may not procure a special advantage to individual insolvency creditors. 5. Trustee s duties in the proceedings for the granting of residual debt discharge The trustee collects the insolvent person s attachable current earnings on based on his / her declaration of assignment and distributes the incoming amounts and other payments once yearly to the insolvency creditors (section 292 (1) InsO): At the end of the period of good conduct, the insolvent person receives one part of the monetary amounts received from the trustee: in the fifth year10% and in the sixth year after the revocation of the insolvency proceedings 15%. If deferred procedural costs have not yet been corrected however these differential amounts will only be transferred to the debtors if the income does not exceed the amount calculated pursuant to section 115 (1 of the Code of Civil Procedure [Zivilprozeßordnung (ZPO)(section 292 (1) sentences 4 and 5 InsO). The meeting of creditors may additionally transfer the duty to the trustee, monitor the fulfilment of the debtor's obligations and notify the group of creditors in the case of an established breach. The trustee is only obliged to monitor the fulfilment if the additional remuneration due for this is covered or advanced to the group of creditors (section 292 (2) sentence 3 InsO). The trustee receives remuneration and reimbursement of the appropriate expenses from the money administered (section 293 InsO). If the minimum remuneration of a trustee is not once covered this can lead to the refusal to the granting of residual debt discharge. This does not apply if the costs are deferred.

4 6. Executions, assignments and pledging in the period of good conduct Executions for individual insolvency creditors against the debtor s assets, which remain after the assignment to the trustee and which are newly additionally acquired are inadmissible during the period of good conduct (section 294 (1) InsO): Earlier pledging of the current earnings has become invalid on account of the commencement of the insolvency proceedings assignments and contractual pledging of the earnings loses its validity three years after this time if the debtor was already insolvent before 1 January 1997, already after two years (section 114 (1), (3) InsO, Art. 107 EGInsO). The execution remains admissible for new creditors whose claims have been established only after the commencement of the insolvency proceedings. They can access the debtor s other attachable assets. 7. Premature suspension of proceedings: Refusal of the granting of residual debt discharge during the period of good conduct If the debtor breaches an obligation during the period of good conduct (cf. item 4) and thereby impairs the satisfaction of the group of insolvency creditors, at the request of an insolvency creditor, the court must refuse the granting of residual debt discharge if the insolvent person fails to prove that he / she is not at fault (section 269 InsO). The request may only be filed within one year after the time in which the breach of obligation has become known to the creditor. It is only inadmissible if the breach of obligation and observance of the annual time-limit is substantiated (section 296 (1) InsO). The means of the substantiation (e.g. affirmation in lieu of oath or other written documents) must be presented with the petition for refusal; the offer to file the supporting documents subsequently is not sufficient. Before the court decision, the persons involved are given the opportunity to deliver an opinion. The debtor is obliged to give complete and truthful information on the fulfilment of the obligations and at the request of a creditor make an affirmation in lieu of oath (section 296 (2) InsO). The court may set a fixed date for the written communication of the information or affirmation in lieu of oath. If the insolvent person fails to give the information or affirmation in lieu of oath without sufficient excuse within the set period fixed, the court must refuse the granting of residual debt discharge. The same applies if despite a writ of summons in proper form and without sufficient excuse it fails to appear on the appointed date (section 296 (2) InsO). Furthermore, the granting of residual debt discharge must be refused if it turns out that the debtor has been finally convicted of a criminal offence in insolvency matters since the last creditors meeting (sections 283 to 283c StGB). Here too, each insolvency creditor is entitled to file a petition. For the petition, the abovementioned regulations regarding the annual time-limit and the substantiation apply accordingly (section 297 (2) InsO). At the request of the trustee, the granting of residual debt discharge must be refused if the amounts that have been transferred based on a declaration of assignment in one year do not once cover the minimum trustee s remuneration and despite a request to pay by the trustee and a further notice by the court the insolvent person does not pay in the lacking amount (section 298 InsO). To prevent the premature suspension of the proceedings, the procedural costs may be deferred upon request if the assets probably will not be sufficient to cover these.

5 The final refusal of the granting of residual debt discharge constitutes the failure of the targeted release from debts. The creditors may assert their claims without any restrictions and access all of the debtor s attachable assets (section 299) InsO). 8. Debt cancellation: Granting of residual debt discharge after the end of the period of good conduct If the period of good conduct lapses without a premature termination, the insolvency court decides about the cancellation of residual debts (granting of residual debt discharge). The court also gives the persons involved in the proceedings the opportunity to deliver an opinion. Insolvency creditors as well as trustees may file a petition for the granting of residual debt discharge. For this, the same requirements, time-limits and procedural rules apply as during the period of good conduct (section 300 (2), section 296 to 298 InsO); cf. item 7). 9. Effects of the granting of residual debt discharge The granting of residual debt discharge has an effect against all insolvency creditors. It relates to the debts that have already been established at the time of commencement of the insolvency proceedings (section 38 InsO) and have not yet been paid off. It also applies with respect to insolvency creditors who have not reported their claims (section 301 (1) InsO). The granting of residual debt discharge does not include so-called estate liabilities, i.e. the liabilities that have arisen in connection with the insolvency proceedings (section 53 InsO). Likewise, the granting of residual debt discharge does not cover new debts which have only been established after the commencement of the insolvency proceedings in particular not the constantly recurring obligations to pay maintenance or rent after the appointed date of the commencement of proceedings. Furthermore, the following obligations are not included in the granting of residual debt discharge: - Payment obligations from an intentionally committed tortious act, if the claims after stating the legal grounds and the facts based on which according to the estimation of the creditors it ensues that this is based on an intentionally committed tortious act, was reported to the insolvency table (section 302 no. 1, section 174 II inso) and the entry in the insolvency table that this claim is based on an intentionally committed tortious act has not been removed. - Fines, administrative fines, administrative fees, coercive penalty payments and incidental financial consequences of a criminal offence or administrative offence (section 302 no. 2 InsO), - Liabilities from interest-free loans which were granted to the debtor for the settlement of the costs of the insolvency procedures (section 302 no. 3 InsO). The insolvency creditors retain their rights with respect to jointly liable persons and guarantors. They may continue to assert their claims for example against guarantors. On the other hand, the guarantors no longer have recourse against the debtors. The rights of the insolvency creditors from priority notices of securities in the land register or other security interests such as rights of lien, transfers by way of security continue to exist (section 301 (2) sentence 1 InsO). The debtor may invoke the residual debt discharge with regard to jointly liable persons, guarantors or other persons with a right of recourse in the same way however as with regard to the insolvency creditors (section 301 (2) sentence 2 InsO).

6 10. Subsequent revocation of the granting of residual debt discharge Even after the finality of the decision on the granting of residual debt discharge, the debtor must under circumstances be answerable for gross dishonest conduct in the period of good conduct. The insolvency court must revoke the granting of residual debt discharge upon the petition of a insolvency creditor if it turns out subsequently that through an intentional breach of obligation by the debtor the satisfaction of the group of insolvency creditors was impaired (section 303 (1) InsO). The petition by the creditors is only admissible if it is filed within one year after the finality of the decision about the granting of residual debt discharge. At the same time, prima facie evidence must be furnished that the stated requirements for the revocation are met and the petitioner had no knowledge of them up to the time of finality of the debt cancellation (section 303 (2) InsO). The decision on the revocation is issued after consulting the debtor and the trustee and, if necessary, after further clarification of the facts of the case. 11. Cost burden in the case of petitions for the refusal or revocation of the granting of residual debt discharge In proceedings for a petition to refuse or revoke the granting of residual debt discharge, court costs are incurred in particular in the case of the hearing of evidence. These costs are principally borne by the unsuccessful Party (section 91 ZPO, section 4 InsO). In addition, however, in relation to the public purse, the creditor filing the petition is always also liable (section 50 (2), (58) of the German Legal Costs Act [Gerichtkostengesetz (GKG)].

BANKRUPTCY INFORMATION SHEET

BANKRUPTCY INFORMATION SHEET BANKRUPTCY INFORMATION SHEET BANKRUPTCY LAW IS A FEDERAL LAW. THIS SHEET GIVES YOU SOME GENERAL INFORMATION ABOUT WHAT HAPPENS IN A BANKRUPTCY CASE. THE INFORMATIONHERE IS NOT COMPLETE. YOU MAY NEED LEGAL

More information

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY OFFICIAL TRUSTEE PRACTICE STATEMENT 4 THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY Date issued March 2013 Date last updated 2 March 2016 If you have any comments, suggestions or queries about an issue

More information

Chapter II The Moratorium on Debt Repayment Section 1. Granting of Deferment of Payment and its Consequences

Chapter II The Moratorium on Debt Repayment Section 1. Granting of Deferment of Payment and its Consequences Chapter II The Moratorium on Debt Repayment Section 1. Granting of Deferment of Payment and its Consequences Article 212 Debtors who are unable, or expect that they will be unable, to continue paying those

More information

Interest Act. (633/1982; amendments up to 32/2013 included)

Interest Act. (633/1982; amendments up to 32/2013 included) NB: Unofficial translation, legally binding only in Finnish and Swedish Ministry of Justice, Finland Interest Act (633/1982; amendments up to 32/2013 included) Section 1 Scope of application (1) This Act

More information

Chapter 13: Repayment of All or Part of the Debts of an Individual with Regular Income ($235 filing fee, $39 administrative fee: Total fee $274)

Chapter 13: Repayment of All or Part of the Debts of an Individual with Regular Income ($235 filing fee, $39 administrative fee: Total fee $274) B 201A (Form 201A) (12/09) WARNING: Effective December 1, 2009, the 15-day deadline to file schedules and certain other documents under Bankruptcy Rule 1007(c) is shortened to 14 days. For further information,

More information

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER.

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER. IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER. If you decide to seek bankruptcy relief, you can represent yourself, you can hire an attorney

More information

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3 Insolvency Act Insolvency Act Insolvency Act Example of quotation: Insolvency Act. Prague : Wolters Kluwer ČR, a. s., 2011, p. 216. Legal state of the publication as of 31 th August 2011. Updated version

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF MINNESOTA. NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE

UNITED STATES BANKRUPTCY COURT DISTRICT OF MINNESOTA. NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE B 201 (12/08) UNITED STATES BANKRUPTCY COURT DISTRICT OF MINNESOTA NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE In accordance with 342(b) of the Bankruptcy Code, this notice to individuals

More information

Section one: Interest on and repayment of educational loans and loss of rights

Section one: Interest on and repayment of educational loans and loss of rights Section one: Interest on and repayment of educational loans and loss of rights Chapter 1 Interest accrual on the educational loan and repayment plan 1-1 Interest on the educational loan The educational

More information

1. The place of performance for all aspects of the delivery agreement shall be the place of the commercial business of the seller.

1. The place of performance for all aspects of the delivery agreement shall be the place of the commercial business of the seller. Standard Conditions of the German Textile Industry Version as of: 01/01/2015 1 Scope of Application 1. The standard conditions shall apply solely between merchants. 2. All deliveries and services of the

More information

Section one: Interest on and repayment of educational loans and loss of rights

Section one: Interest on and repayment of educational loans and loss of rights Section one: Interest on and repayment of educational loans and loss of rights Chapter 1 Interest accrual on the educational loan and repayment plan 1-1 Interest on the educational loan The educational

More information

Motor Accidents Compensation Amendment (Claims and Dispute Resolution) Act 2007 No 95

Motor Accidents Compensation Amendment (Claims and Dispute Resolution) Act 2007 No 95 New South Wales Motor Accidents Compensation Amendment (Claims and Dispute Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Motor Accidents Compensation Act 1999 No 41 2 4 Amendment of other

More information

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF MICHIGAN. NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF MICHIGAN. NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE B 201A (Form 201A) (11/11) UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF MICHIGAN NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE In accordance with 342(b) of the Bankruptcy Code,

More information

INITIAL REQUIRED NOTICES FOR BANKRUPTCY CLIENTS

INITIAL REQUIRED NOTICES FOR BANKRUPTCY CLIENTS INITIAL REQUIRED NOTICES FOR BANKRUPTCY CLIENTS You are hereby requesting the opportunity to consult with and obtain information and advice from Michael Jones and the Law Office of James P. Cronn ( Law

More information

The board of directors of a company is primarily responsible for:

The board of directors of a company is primarily responsible for: The board of directors of a company is primarily responsible for: Determining the company s strategic objectives and policies. Monitoring progress towards achieving the objectives and policies. Appointing

More information

DISCHARGE. The Discharge in Bankruptcy. From an individual. debtor s standpoint, one. of the primary goals of. filing a bankruptcy case

DISCHARGE. The Discharge in Bankruptcy. From an individual. debtor s standpoint, one. of the primary goals of. filing a bankruptcy case The Discharge in Bankruptcy DISCHARGE The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. This Public Information Series pamphlet attempts to answer

More information

Notice Required by 11 U.S.C. 342(b) and 527(a)

Notice Required by 11 U.S.C. 342(b) and 527(a) 1 P a g e Notice Required by 11 U.S.C. 342(b) and 527(a) In accordance with section 342(b) of the Bankruptcy Code, this notice: (1) Describes briefly the services available from credit counseling services;

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This

More information

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND)

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) TRUST DEEDS INTRODUCTION 1. A Trust Deed is a voluntary deed granted by a debtor whereby the debtor conveys all or part of his estate to a named Trustee

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to September 1, 2014. It is intended for information and reference purposes only.

More information

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1

More information

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED]

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] CONTENTS Section Advice and education 1 Sequestration of estate of living debtor: money advice 2 Financial education for debtor Payments by debtor

More information

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament

More information

BELIZE CERTIFIED INSTITUTIONS (CHILDREN S REFORMATION) ACT CHAPTER 121 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000

BELIZE CERTIFIED INSTITUTIONS (CHILDREN S REFORMATION) ACT CHAPTER 121 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 BELIZE CERTIFIED INSTITUTIONS (CHILDREN S REFORMATION) ACT CHAPTER 121 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 This is a revised edition of the law, prepared by the Law Revision

More information

AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011. Mar a tionscnaíodh As initiated

AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011. Mar a tionscnaíodh As initiated AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011 Mar a tionscnaíodh As initiated ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section

More information

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under

More information

INSOLVENCY IN THE PHILIPPINES

INSOLVENCY IN THE PHILIPPINES Quisumbing Torres XV. INSOLVENCY IN THE PHILIPPINES 1. Overview and Introduction to the Jurisdiction / Applicable Legislation There are three types of remedies available to a financially distressed individual

More information

Act on Guaranties and Third-Party Pledges

Act on Guaranties and Third-Party Pledges NB: Unofficial translation Ministry of Justice, Finland Act on Guaranties and Third-Party Pledges (361/1999) Chapter 1 General provisions Section 1 Scope of application and mandatory provisions (1) This

More information

General Terms and Conditions of Business of Witeg Labortechnik GmbH

General Terms and Conditions of Business of Witeg Labortechnik GmbH General Terms and Conditions of Business of Witeg Labortechnik GmbH Version 01.02.2009 1. General 1.1 The following provisions apply to all initial, ongoing and future business relationships between us

More information

Discharge from bankruptcy

Discharge from bankruptcy BRIEFING PAPER Number 3043, 8 October 2015 Discharge from bankruptcy By Lorraine Conway Inside: 1. Official receiver s claim to the bankruptcy estate 2. How is after-acquired property treated? 3. Automatic

More information

Rules of The People s Pension Scheme

Rules of The People s Pension Scheme Rules of The People s Pension Scheme BUILDING AND CIVIL ENGINEERING HOLIDAYS SCHEME MANAGEMENT LIMITED (1) and THE PEOPLE S PENSION TRUSTEE LIMITED (2) CONTENTS Rule Heading Page BACKGROUND 4 1 Adoption

More information

(1) Our offers are subject to change, unless they are explicitly designated as

(1) Our offers are subject to change, unless they are explicitly designated as General Terms of Sales and Service of MBA Design & Display Produkt GmbH (Status: May 2015) 1 The scope of application (1) Our General Terms and Conditions (GTC) apply exclusively and without further formal

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION DUTIES AND RESPONSIBILITIES OF A DEBTOR UNDER CHAPTER 7 AND ATTENDANCE AT THE 341 MEETING OF CREDITORS In either

More information

Insolvency: a guide for directors

Insolvency: a guide for directors INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION The principal response of a creditor to the filing of a bankruptcy case is to file a proof of claim (Official Form 10). Specifically,

More information

of the company Alzeyer Werkzeugmaschinen Service GmbH (in the following referred to as: AWS GmbH )

of the company Alzeyer Werkzeugmaschinen Service GmbH (in the following referred to as: AWS GmbH ) General Terms and (Service) Conditions of the company Alzeyer Werkzeugmaschinen Service GmbH (in the following referred to as: AWS GmbH ) Status as of July 2013 The following terms and conditions apply

More information

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES What is a Chapter 7 bankruptcy and how does it work? A Chapter 7 bankruptcy case is a proceeding under federal law in which the Debtor seeks relief under

More information

THE PERSONAL BANKRUPTCY (DECLARATION AND REHABILITATION) BILL, 2015

THE PERSONAL BANKRUPTCY (DECLARATION AND REHABILITATION) BILL, 2015 1 AS INTRODUCED IN THE RAJYA SABHA ON THE 7TH AUGUST, 201 Bill No. XXXVII of 201 THE PERSONAL BANKRUPTCY (DECLARATION AND REHABILITATION) BILL, 201 A BILL to provide for mechanism through which a person

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES 1. What is a chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

PINDER BUECKERT & ASSOCIATES INC. DUTIES, RESTRICTIONS, AND RESPONSIBILITIES IMPOSED ON A BANKRUPT

PINDER BUECKERT & ASSOCIATES INC. DUTIES, RESTRICTIONS, AND RESPONSIBILITIES IMPOSED ON A BANKRUPT PINDER BUECKERT & ASSOCIATES INC. DUTIES, RESTRICTIONS, AND RESPONSIBILITIES IMPOSED ON A BANKRUPT Many potential bankrupts have very little knowledge of the significance and implication of the Bankruptcy

More information

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA)

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) M A R S H A L L S Solicitors Level 10 111 Gawler Place Adelaide 5000 Telephone: (08) 8213 4000 GPO Box 648 Adelaide 5001 Facsimile: (08) 8213 4099 Email

More information

General Terms and Conditions

General Terms and Conditions General Terms and Conditions 1. General remarks (1) These General Terms and Conditions apply to all legal relations established between the company JUTEC Biegesysteme GmbH (the "Provider"), Ottostr. 22,

More information

GENERAL TERMS AND CONDITIONS

GENERAL TERMS AND CONDITIONS GENERAL TERMS AND CONDITIONS OF: Europe Retail Packing BV ABC Westland 315 2685 DD Poeldijk hereinafter to be referred to as: ERP Article 1 Definitions 1. In the present general terms and conditions, the

More information

and the President has proclaimed the following Law:

and the President has proclaimed the following Law: Unofficial translation The Saeima 1 has adopted and the President has proclaimed the following Law: THE INSURANCE CONTRACT LAW Chapter I GENERAL PROVISIONS Article 1. Definitions 1) sum insured - the amount

More information

Queensland. Trust Accounts Act 1973

Queensland. Trust Accounts Act 1973 Queensland Trust Accounts Act 1973 Current as at 23 September 2013 Information about this reprint This reprint shows the legislation current as at the date on the cover and is authorised by the Parliamentary

More information

Notice to Individual Consumer Debtor Under Section 342(b) and 527(a) of the Bankruptcy Code

Notice to Individual Consumer Debtor Under Section 342(b) and 527(a) of the Bankruptcy Code Notice to Individual Consumer Debtor Under Section 342(b) and 527(a) of the Bankruptcy Code In accordance with section 342(b) of the Bankruptcy Code, this notice: (1) Describes briefly the services available

More information

Trust Deed Equivalents in Australia, Canada and the U.S.

Trust Deed Equivalents in Australia, Canada and the U.S. Trust Deed Equivalents in Australia, Canada and the U.S. Australia A personal insolvency agreement (PIA) under Part X of the Bankruptcy Act 1966 is a way for a debtor to come to an agreement with their

More information

MARITIME LIEN FOR SEAFARERS WAGES IN GERMANY. This document is not intended to be legal advice, nor does it constitute legal advice.

MARITIME LIEN FOR SEAFARERS WAGES IN GERMANY. This document is not intended to be legal advice, nor does it constitute legal advice. MARITIME LIEN FOR SEAFARERS WAGES IN GERMANY This Guide deals with the rights of seafarers of any nationality to unpaid or underpaid wages in respect of German flagged ships, and foreign ships which are

More information

BANKRUPTCY ACT (1987:672) Chapter 1 Introductory provisions

BANKRUPTCY ACT (1987:672) Chapter 1 Introductory provisions BANKRUPTCY ACT (1987:672) Chapter 1 Introductory provisions Section 1 By means of bankruptcy, all creditors collectively and compulsorily take the total assets of a debtor for payment of their claims.

More information

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT Ministry of Justice of the Republic of Slovenia 2010 MINISTRY OF JUSTICE OF SLOVENIA LEGISLATION Disclaimer:

More information

Bankruptcy 101 A Guide to Personal Bankruptcy. Brought to you by Jon Martin, Esq. Http://www.TheSinCityLawyer.com

Bankruptcy 101 A Guide to Personal Bankruptcy. Brought to you by Jon Martin, Esq. Http://www.TheSinCityLawyer.com Bankruptcy 101 A Guide to Personal Bankruptcy Brought to you by Jon Martin, Esq. Http://www.TheSinCityLawyer.com Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating

More information

INSOLVENT DECEASED ESTATES (PART XI OF THE BANKRUPTCY ACT 1966)

INSOLVENT DECEASED ESTATES (PART XI OF THE BANKRUPTCY ACT 1966) OFFICIAL RECEIVER PRACTICE STATEMENT 5 INSOLVENT DECEASED ESTATES (PART XI OF THE BANKRUPTCY ACT 1966) Date issued August 2008 Date last updated 28 October 2014 If you have any comments, suggestions or

More information

General terms and conditions for the provision of services of. VEDUCON M.v Nimwegenpad CL Amersfoort

General terms and conditions for the provision of services of. VEDUCON M.v Nimwegenpad CL Amersfoort General terms and conditions for the provision of services of VEDUCON M.v Nimwegenpad 11 3813 CL Amersfoort Hereinafter to be referred to as: freelancer Article 1 Definitions 1. In the present general

More information

Bankruptcy Act. (Act No. 75 of June 2, 2004)

Bankruptcy Act. (Act No. 75 of June 2, 2004) Bankruptcy Act (Act No. 75 of June 2, 2004) Chapter I General Provisions (Article 1 to Article 14) Chapter II Commencement of Bankruptcy Proceedings Section 1 Petition for Commencement of Bankruptcy Proceedings

More information

BANKRUPTCY CHAPTER 13 (aka ABill Consolidation@ or AReorganization@)

BANKRUPTCY CHAPTER 13 (aka ABill Consolidation@ or AReorganization@) BANKRUPTCY CHAPTER 13 (aka ABill Consolidation@ or AReorganization@) ANSWERS TO THE MOST COMMONLY ASKED QUESTIONS Compliments of: Sam C. Gregory, PLLC 2742 82 nd Street Lubbock, Texas 79423 (806) 687-4357

More information

NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE

NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE NOTICE TO CONSUMER DEBTOR(S) UNDER 342(b) OF THE BANKRUPTCY CODE In accordance with 342(b) of the Bankruptcy Code, this notice to individuals with primarily consumer debts: (1) Describes briefly the services

More information

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY 1

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY 1 IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY 1 If you decide to seek bankruptcy relief, you can represent yourself, you can hire an attorney to represent you, or you can

More information

INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES

INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES Law Offices James Palmisano 417 Barre Street Telephone: (800) 585-3169 Montpelier, VT 05602 Facsimile: (802) 229-2733 e-mail: info@vermontbankruptcy.net INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES

More information

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What Guidance Guide to Debt Relief Orders When, Where, How, Who, What June 2011 Contents 1 About this Guide Page 5 2 What is a 6 What are your duties in connection with a debt relief order? 10 Debt relief

More information

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code A Publication of the Law Office of Richard L. Williams Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code Tips for Questionnaire

More information

PAYMENT TRANSACTIONS ACT (PTA)

PAYMENT TRANSACTIONS ACT (PTA) PAYMENT TRANSACTIONS ACT (PTA) Published in the Official Gazette of the Republic of Slovenia No. 30 on 5 April 2002 All effort has been made to ensure the accuracy of this translation, which is based on

More information

This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006

This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006 Bankruptcy Act 1966 Act No. 33 of 1966 as amended This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006 Volume 2 includes: Table of Contents Sections 154A

More information

BANKRUPTCY WHAT IS BANKRUPTCY?

BANKRUPTCY WHAT IS BANKRUPTCY? BANKRUPTCY Most military personnel and their families handle their financial affairs in a responsible and timely manner. Those who have problems usually seek timely assistance from financial counselors.

More information

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011 SCOTTISH STATUTORY INSTRUMENTS 2011 No. 141 DEBT The Debt Arrangement Scheme (Scotland) Regulations 2011 Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into

More information

Building Work Contractors Act 1995

Building Work Contractors Act 1995 Version: 21.11.2015 South Australia Building Work Contractors Act 1995 An Act to regulate building work contractors and the supervision of building work; and for other purposes. Contents Part 1 Preliminary

More information

INDONESIAN BANKRUPTCY LAW: AN UPDATE. Meeting held on 27-28 April 2006

INDONESIAN BANKRUPTCY LAW: AN UPDATE. Meeting held on 27-28 April 2006 INDONESIAN BANKRUPTCY LAW: AN UPDATE by Subianta Mandala Meeting held on 27-28 April 2006 This document reproduces a report by Mr. Subianta Mandala written after the Fifth Forum for Asian Insolvency Reform

More information

A Guide to Personal Insolvency in Hong Kong

A Guide to Personal Insolvency in Hong Kong A Guide to Personal Insolvency in Hong Kong What is Bankruptcy? Bankruptcy is a process to realise an insolvent individual s assets and distribute the proceeds amongst his creditors. It starts when the

More information

COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE PROVISIONS IN INTERNATIONAL CONVENTIONS

COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE PROVISIONS IN INTERNATIONAL CONVENTIONS Esplanade 6, 20354 Hamburg Telefon: 040/350 97-0 Telefax: 040/350 97 211 E-Mail: Info@Seerecht.de www.seerecht.de COMITE MARITIME INTERNATIONAL THE IMPLEMENTATION IN NATIONAL LAW OF MANDATORY INSURANCE

More information

Bankruptcy (Amendment) Bill

Bankruptcy (Amendment) Bill Bill No. 18/2015. Bankruptcy (Amendment) Bill Read the first time on 11 May 2015. A BILL intituled An Act to amend the Bankruptcy Act (Chapter 20 of the 2009 Revised Edition). Be it enacted by the President

More information

Initial Consultation Agreement and Acknowledgment of Receipt of Disclosures

Initial Consultation Agreement and Acknowledgment of Receipt of Disclosures Initial Consultation Agreement and Acknowledgment of Receipt of Disclosures This agreement is entered into by and between the undersigned and David Gaffney, Attorney At Law, doing business as Gaffney Law

More information

GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006

GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006 1 GENERAL SWEDISH MARINE INSURANCE PLAN of 1 January 2006 These conditions have been approved by The Swedish Association of Marine Underwriters and The Swedish Club and are only intended as guidance. There

More information

Management liability - Employment practices liability Policy wording

Management liability - Employment practices liability Policy wording Special definitions for this section Benefits Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Any compensation awarded to an employee

More information

General Terms and Conditions of Peak Payroll Services B.V. In these General Terms and Conditions:

General Terms and Conditions of Peak Payroll Services B.V. In these General Terms and Conditions: General Terms and Conditions of Peak Payroll Services B.V. Article 1 General In these General Terms and Conditions: 1. The Client refers to the party issuing the assignment, and 2. Peak refers to the company

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE PUT YOUR CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO THE CHAPTER 13 TRUSTEE OR THE COURT.

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE PUT YOUR CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO THE CHAPTER 13 TRUSTEE OR THE COURT. YOUR CASE NUMBER: WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE Brief answers to most questions that come up while under a Chapter 13 Plan. Read this pamphlet completely to understand your obligations

More information

[To All Financial Institutions Exempt from Holding Capital Markets Services Licence]

[To All Financial Institutions Exempt from Holding Capital Markets Services Licence] Circular No.: CMI 01/2011 7 February 2011 [To All Holders of Capital Markets Services Licence] [To All Holders of Financial Advisers Licence] [To All Financial Institutions Exempt from Holding Capital

More information

BANKRUPTCY TERMINOLOGY

BANKRUPTCY TERMINOLOGY ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing

More information

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Chapter 13 Bankruptcy Individual Debt Adjustment The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property

More information

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13 Chapter 13 - Bankruptcy Basics This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION This form, known as a "voluntary petition," must be used by a debtor to begin a bankruptcy case. Filing this petition is

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009 M on Factsheet e y E3 A dv i c e Bankruptcy U ni Make Every Count t The information and benefit rates in this leaflet are correct at April 2009 01438 737555 www.hertsdirect.org/benefits Bankruptcy Bankruptcy

More information

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ALABAMA SOUTHERN DIVISION NOTICE TO INDIVIDUAL CONSUMER DEBTOR UNDER 342(b) OF THE BANKRUPTCY CODE In accordance with 342(b) of the Bankruptcy Code,

More information

INTERNATIONAL INSOLVENCY INSTITUTE

INTERNATIONAL INSOLVENCY INSTITUTE INTERNATIONAL INSOLVENCY INSTITUTE Tenth Annual International Insolvency Conference Rome, Italy SALES OF BUSINESSES IN INTERNATIONAL CASES: CLEAR OR NOT SO CLEAR TITLE? Sales of Businesses in Insolvency

More information

On Effect of Constitution on Bankruptcy Law

On Effect of Constitution on Bankruptcy Law Professor of Civil Law, University of Tartu On Effect of Constitution on Bankruptcy Law Pursuant to 3 of the Constitution of the Republic of Estonia, the state authority is exercised solely pursuant to

More information

DSA. Guide to a Debt Settlement Arrangement

DSA. Guide to a Debt Settlement Arrangement nseirbhís Dócmhainneachta na héirea DSA Guide to a Debt Settlement Arrangement n Insolvency Service of Ireland A Debt Settlement Arrangement enables an eligible insolvent debtor to reach agreement with

More information

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable

More information

230 West Monroe Suite 240 Chicago, IL 60606 312-372-4400

230 West Monroe Suite 240 Chicago, IL 60606 312-372-4400 230 West Monroe Suite 240 Chicago, IL 60606 312-372-4400 The Porter Law Network is owned by attorney Karen J. Porter. Ms. Porter is licensed in the State of Illinois. Ms Porter has more than 25 years of

More information

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 Laws of Bermuda BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 ARRANGEMENT OF SECTIONS 1 Interpretation 2 Minister may authorize insurers 3 Owner of motor car must hold insurance 4

More information

General Insurance Conditions (GIC) Clinical Trials in Human Research

General Insurance Conditions (GIC) Clinical Trials in Human Research General Insurance Conditions (GIC) Clinical Trials in Human Research Edition 2014 Translation For information only. The original wording is binding. General Insurance Conditions, clinical trials Edition

More information

T: +43-(0)590900-3540 F: +43-(0)590900-3178 e-mail: ubit@wko.at http://www.ubit.at

T: +43-(0)590900-3540 F: +43-(0)590900-3178 e-mail: ubit@wko.at http://www.ubit.at Professional Association of Management Consultancy and Information Technology (Fachverband Unternehmensberatung und Informationstechnologie) Wiedner Hauptstraße 63 A-1045 Vienna T: +43-(0)590900-3540 F:

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

Liquidation of a German company A Consultinghouse Whitepaper

Liquidation of a German company A Consultinghouse Whitepaper Liquidation of a German company A Consultinghouse Whitepaper This whitepaper provides general information to CEOs as well as to main decision makers about the process of winding down a German- based company

More information

General Conditions of Danske Havnevirksomheder 2007

General Conditions of Danske Havnevirksomheder 2007 DANSKE HAVNEVIRKSOMHEDER H.C Andersen Boulevard 18 DK-1787 København V www.dkhv.dk General Conditions of Danske Havnevirksomheder 2007 Section 1 General provisions 1 Definitions For the purposes of these

More information

INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT

INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT Directors & Officers Liability D&O Insurance Service is our passion CONTENTS Legal framework of statutory and supervisory board members liability in

More information

COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer

COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer INTRODUCTION In the People s Republic of China ( PRC ), winding up is broadly divided into insolvency winding up and winding up by

More information

ROUNDTABLE. Investigating the Affairs of an Insolvent Debtor Balancing Duties, Powers and Responsibilities of Insolvency Administrators German View

ROUNDTABLE. Investigating the Affairs of an Insolvent Debtor Balancing Duties, Powers and Responsibilities of Insolvency Administrators German View FRANKFURT AM MAIN LEIPZIG BERLIN KARLSRUHE BAD CAMBERG DRESDEN HANNOVER LIMBURG BONN MÜNCHEN STUTTGART MANNHEIM HAMBURG MAILAND ZÜRICH LONDON AMSTERDAM ROUNDTABLE Investigating the Affairs of an Insolvent

More information

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires accounting Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation

More information

10 LC 36 1527 A BILL TO BE ENTITLED AN ACT

10 LC 36 1527 A BILL TO BE ENTITLED AN ACT House Bill 1101 By: Representatives Coan of the 101 st, Marin of the 96 th, Smith of the 129 th, Horne of the 71 st, Dawkins-Haigler of the 93 rd, and others A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7

More information

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7?

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7? BANKRUPTCY F.A.Q. S While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for

More information

CALIFORNIA PROBATE CODE Jan. 1, 2012 - DO NOT FILE WITH THE COURT - Sections 13006, 13050-13051, 13100-13116

CALIFORNIA PROBATE CODE Jan. 1, 2012 - DO NOT FILE WITH THE COURT - Sections 13006, 13050-13051, 13100-13116 13006. "Successor of the decedent" means: (a) If the decedent died leaving a will, the sole beneficiary or all of the beneficiaries who succeeded to a particular item of property of the decedent under

More information