File Name: bankruptcy and related law in a nutshell .zip
Skip to content Ontario. This bulletin outlines your responsibilities and describes the Ministry of Finance's policies and procedures related to insolvency and liquidation proceedings. The Ontario Ministry of Finance ministry established the Bankruptcy and Insolvency Unit BIU to represent the ministry in all insolvency proceedings where provincial taxes are outstanding. A trustee in bankruptcy trustee is responsible for administering the affairs of the bankrupt estate. This involves, inter alia, preparing an inventory of existing assets, releasing assets to the secured creditors, gathering and liquidating existing assets, reviewing claims to the assets, and paying dividends to creditors in accordance with the scheme of distribution in Section of the BIA. Where a bankruptcy occurs mid-month, both the pre-bankruptcy and post-bankruptcy return s , if any, should be forwarded to the BIU for processing. If a trustee operates the bankrupt's business, the bankrupt's RST Vendor Permit number should be used for filing all post-bankruptcy RST returns and remittances, until the estate has been finalized.
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Treatises are authored by legal experts and provide a detailed overview of a topic. Treatises are a good place to find background information and references to primary sources. Collier on Bankruptcy 16th ed. C 16th available electronically via Lexis Advance For most serious bankruptcy law research questions, starting with a treatise like Collier's is a good choice because it explains the law and gives citations to relevant cases.
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Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.
If you know the exact title, try a Title search. From here, if you know the citation of an article, you can just enter it in Blue Book format by clicking on the "Citation Navigator" tab near the top left. Now you can search for keywords like "Chapter 11" and "creditor" in an article title or in the main text or any combinations thereof. Once you find the article you want, you can navigate through it one page at a time, or download or print it in PDF format. I feel really strongly about this resource, and consider it one of the best in our collection. So much of research online and otherwise is trial and error, trying to get that perfect combination of search terms. It looks like you're using Internet Explorer 11 or older.
This research guide is intended as a starting point for research in U. The guide includes both primary and secondary sources, in both print and electronic formats. Since bankruptcy law in the United States is a specific responsibility of the Congress and the federal government, this guide concerns itself with federal law only, and does not address state debtor-creditor laws. Georgetown Law Library Guides U. Search this Guide Search.
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The Enron scandal was an accounting scandal involving Enron Corporation , an American energy company based in Houston , Texas. Upon being publicized in October , the company declared bankruptcy and its accounting firm, Arthur Andersen — then one of the five largest audit and accountancy partnerships in the world — was effectively dissolved. In addition to being the largest bankruptcy reorganization in U. Several years later, when Jeffrey Skilling was hired, Lay developed a staff of executives that — by the use of accounting loopholes, special purpose entities , and poor financial reporting — were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives misled Enron's board of directors and audit committee on high-risk accounting practices and pressured Arthur Andersen to ignore the issues.
Infographic of Bankruptcy and Insolvency at a Glance. Bankruptcy is a legal process designed to relieve honest but unfortunate debtors of their debts. At the end of the process, the bankrupt is released from the obligation to repay the debts they had when the bankruptcy was filed with some exceptions. A proposal is an offer to creditors to pay a percentage of what is owed over a specific period of time, or to extend the amount of time to pay off the debt, or a combination of both. Creditors vote to accept or reject the proposal. Once all the terms of the proposal are met, the debtor is legally released from the debts included in the proposal.
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Official websites use. Share sensitive information only on official, secure websites. You can choose the kind of bankruptcy that best meets your needs provided you meet certain qualifications :. Chapter 7 — A trustee is appointed to take over your property.
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