In bankrupcy laws, Is a legal status of a person or an organisation that cannot repay the debts it owes to its creditors. Creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organisation). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.
What is bankruptcy?
What is bankruptcy?
In history of bankrupcy laws, In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions.
Bankruptcy may also have an effect on your occupation and you should discuss any ramifications with your employer or prospective employer. You may also be prevented from t holding various licenses and these could a builder's licenses, a real estate license, a liquor license, a tax agent's licenses and others. You cannot be a director of any company without approval. It is evident that the consequences of the bankruptcy laws will have a detrimental impact on your life.
There are no limits on how much you need to be in debt before you can file for bankruptcy. Nor are there any limits to the amount of property you own or the amount of income you earn which prevent you from filing for bankruptcy
Bankruptcy may also have an effect on your occupation and you should discuss any ramifications with your employer or prospective employer. You may also be prevented from t holding various licenses and these could a builder's licenses, a real estate license, a liquor license, a tax agent's licenses and others. You cannot be a director of any company without approval. It is evident that the consequences of the bankruptcy laws will have a detrimental impact on your life.
What is bankruptcy?
What is bankruptcy?
In history of bankrupcy laws, In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions.
Bankruptcy may also have an effect on your occupation and you should discuss any ramifications with your employer or prospective employer. You may also be prevented from t holding various licenses and these could a builder's licenses, a real estate license, a liquor license, a tax agent's licenses and others. You cannot be a director of any company without approval. It is evident that the consequences of the bankruptcy laws will have a detrimental impact on your life.
There are no limits on how much you need to be in debt before you can file for bankruptcy. Nor are there any limits to the amount of property you own or the amount of income you earn which prevent you from filing for bankruptcy
Bankruptcy may also have an effect on your occupation and you should discuss any ramifications with your employer or prospective employer. You may also be prevented from t holding various licenses and these could a builder's licenses, a real estate license, a liquor license, a tax agent's licenses and others. You cannot be a director of any company without approval. It is evident that the consequences of the bankruptcy laws will have a detrimental impact on your life.
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