Bankruptcy
Completion requirements
Read the text and compare with the situation in Bulgaria.
The use of the term “bankruptcy” is somewhat twofold both in the UK and US. The fundamental conceptof bankruptcy is that it is a way of “dealing with debts that one cannot pay”. Therefore, bankruptcyproceedings are seen as an opportunity to: a) discharge one’s self from overwhelming debts and make afresh start under the restrictions of a repayment scheme; and b) make sure that one’s assets are distributedfairly among one’s creditors. The United States Constitution authorises Congress to enact “uniform Lawson the subject of Bankrupticies” which were incorporated in the US Bankruptcy Code in 1978 and establishedthe Federal Rules of Bankruptcy Procedure, according to which, voluntary and compulsory liquidation(winding-up) are forms of bankruptcy designed for corporations. In the UK, however, “bankruptcy”is often used to denote the insolvency of an individualand so exists in opposition to liquidation(winding-up) especially in: “bankruptcy petition” as opposed to “winding-up petition” or “bankruptcyorder” as opposed to “winding-up order”.
The use of the term “bankruptcy” is somewhat twofold both in the UK and US. The fundamental conceptof bankruptcy is that it is a way of “dealing with debts that one cannot pay”. Therefore, bankruptcyproceedings are seen as an opportunity to: a) discharge one’s self from overwhelming debts and make afresh start under the restrictions of a repayment scheme; and b) make sure that one’s assets are distributedfairly among one’s creditors. The United States Constitution authorises Congress to enact “uniform Lawson the subject of Bankrupticies” which were incorporated in the US Bankruptcy Code in 1978 and establishedthe Federal Rules of Bankruptcy Procedure, according to which, voluntary and compulsory liquidation(winding-up) are forms of bankruptcy designed for corporations. In the UK, however, “bankruptcy”is often used to denote the insolvency of an individualand so exists in opposition to liquidation(winding-up) especially in: “bankruptcy petition” as opposed to “winding-up petition” or “bankruptcyorder” as opposed to “winding-up order”.