Special Report on
Legal Definition of Insolvent
Legal Definition of Insolvent - Trends
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The recent Chapter 11 filing by Heilig-Meyers Company, this country's largest publicly traded furniture retailer, demonstrates the usefulness of the state law remedies of stoppage of delivery and reclamation of goods to trade creditors. Prior to Heilig-Meyers' Chapter 11, some of Heilig-Meyers' trade creditors had refused to deliver goods they had agreed to sell to Heilig-Meyers on credit terms unless Heilig-Meyers paid cash in advance for the goods. Other trade creditors had stopped delivery of goods and refused to release goods in the possession of a carrier unless Heilig-Meyers had paid cash in advance for the ...
To be the director of an insolvent business is to enter a different world where your duties and responsibilities have radically changed, and one where you may be at risk of personal liability. This article looks at the legal definition of insolvent, the tests that apply, the impact that it has on your position as a director, and where to go for insolvency help. Why insolvency matters In normal circumstances the duty of the directors of a company are to act in the interests of the company and its owners, the shareholders. When a company is insolvent those duties change so that the ... Read More
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LEGAL DEFINITION OF INSOLVENT
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