tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 30 - Mallor, Barnes, Bowers, Langvardt
Chapter 30 provides knowledge of bankruptcy. After completing this chapter, students will be able to: Explain purpose of bankruptcy code and types of bankruptcy proceedings, describe process by which property in a debtor’s estate is distributed to creditors and the debtor is granted discharge in bankruptcy, identify dischargeable debts. | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Bankruptcy P A E T R H C 30 “Bankruptcy or credit default is not an issue.” Bernie Ebbers, said a few months before the bankruptcy of WorldCom (press conference, Feb. 2002) Learning Objectives The Bankruptcy Act Chapter 7 – liquidation Discharge in bankruptcy Chapter 11 -- reorganizations Chapter 12 – family enterprises Chapter 13 – consumer debt 30 - The . Constitution guarantees the right to file for bankruptcy Federal Bankruptcy Act creates a procedure for insolvent debtors, with proceedings for: Straight bankruptcy (liquidations) Reorganizations Family farms, commercial fishing operations Consumer debt adjustments Overview 30 - All bankruptcy proceedings begin by filing a petition, either voluntary or involuntary Voluntary petition by an individual, partnership, or . | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Bankruptcy P A E T R H C 30 “Bankruptcy or credit default is not an issue.” Bernie Ebbers, said a few months before the bankruptcy of WorldCom (press conference, Feb. 2002) Learning Objectives The Bankruptcy Act Chapter 7 – liquidation Discharge in bankruptcy Chapter 11 -- reorganizations Chapter 12 – family enterprises Chapter 13 – consumer debt 30 - The . Constitution guarantees the right to file for bankruptcy Federal Bankruptcy Act creates a procedure for insolvent debtors, with proceedings for: Straight bankruptcy (liquidations) Reorganizations Family farms, commercial fishing operations Consumer debt adjustments Overview 30 - All bankruptcy proceedings begin by filing a petition, either voluntary or involuntary Voluntary petition by an individual, partnership, or corporate debtor Involuntary petition by creditors of a debtor in attempt to reach debtor’s assets Filing a bankruptcy petition operates as an automatic stay against all legal proceedings against debtor or the property Bankruptcy Act Procedure 30 - Automatic stay halts creditor action against a debtor or the property, including: Beginning or continuing judicial proceedings against the debtor Actions to repossess the debtor’s property; Actions to create, perfect, or enforce a lien against the debtor’s property; and Setoff of indebtedness owed to debtor before commencement of the bankruptcy proceeding Once bankruptcy petition filed, court must first determine relief should be ordered Automatic for a voluntary petition For involuntary petition, relief granted and interim trustee appointed only if debtor not paying debts or custodian appointed Unsecured creditors must file a proof of claim within a certain time to participate in the bankruptcy proceedings Order of Relief 30 - However,
đang nạp các trang xem trước
