Special Report on
Corporate Insolvency Law
Corporate Insolvency Law - Trends
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Voluntary arrangements can provide a quick and flexible way of alleviating financial strain. This procedure is often used when an insolvent company only has minor payment problems and the number of creditors is limited. No statutory law applies to this procedure. In most cases the debtor declares a suspension of payments and uses the time to negotiate a voluntary composition. As this is a voluntary solution, each creditor must agree to it, whether actively or passively (ie, by not filing for bankruptcy). A company which is likely to pay its debts in the future, but which needs to solve immediate ...
The terms insolvency and bankruptcy are used with reference to the financial position of a person. They are often considered to mean the same. Actually, the terms mean differently. Individuals and corporates are both amenable to insolvency and bankruptcy. The term, insolvency is a state and bankruptcy an effect of that act. While Insolvency is a condition of not being able to pay one’s debt and bankruptcy is a legal surrender of one’s remaining goods into the hands of creditors in consequence of a real or supposed insolvency. Bankruptcy is the condition of insolvency when it passes into ... Read More
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