Industry WIKI

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.

The Frazier–Lemke Farm Bankruptcy Act was an Act of Congress passed in the United States in 1934 that restricted the ability of banks to repossess farms.

Debt relief, or debt forgiveness, has been practiced in many societies since antiquity. Periodic debt remission was institutionalised in the Ancient Near East and contributed to the stability of its societies. In ancient Greece and Rome the laws were more creditor-friendly and debt cancellation was one of the major demands of the poor, only occasionally implemented by the government. Med

Louisville Joint Stock Land Bank v. Radford, 295 U.S. 555 (1935), was a decision by the Supreme Court of the United States that held that the Frazier–Lemke Farm Bankruptcy Act was an unconstitutional violation of the Fifth Amendment Takings Clause because it interfered with farmers' property rights in contracts they made with the United States. This unanimous decision was one of the Cour

A preferential creditor (in some jurisdictions called a preferred creditor) is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws.

Robert Morris Jr. (January 20, 1734 – May 8, 1806) was a British-born American merchant, investor, and politician, and one of the Founding Fathers of the United States. Morris served in the Pennsylvania legislature, the Second Continental Congress, and the United States Senate. He was one of only two individuals (along with Roger Sherman) to sign the Declaration of Independence, the Arti

United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. Insolvency means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to