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Bankruptcy Lesson. Universidad Católica de Cuyo

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Bankruptcy Lesson. Universidad Católica de Cuyo

  1. 1. BANKRUPTCY Adela Perez del Viso. U.C.C. San Luis. Oct 2021
  2. 2. BANKRUPTCY AND INSOLVENCY 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. --Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.
  3. 3. The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business.
  4. 4. 01 BANKRUPTCY AND FRAUD
  5. 5. Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law.
  6. 6. The words “Insolvency” and “Bankruptcy” are generally used interchangeably in common parlance but there is a marked distinction between the two. Insolvency and bankruptcy are not synonymous. The term “insolvency” denotes the state of one whose assets are insufficient to pay his debts; or his general inability to pay his debts. The term “insolvency” is used in a restricted sense to express the inability of a party to pay his debts as they become due in the ordinary course of business. The word “bankruptcy” is the condition of insolvency. It is a legal status of a person or an entity who cannot repay debts to creditors. The bankruptcy process begins with filing of a petition in a court or before an appropriate authority designated for this purpose. The debtor’s assets are then evaluated and used to pay the creditors in accordance with law.
  7. 7. 02 LIQUIDATOR, RECEIVER, ADMINISTRATOR
  8. 8. Liquidators and voluntary administrators are people who are given powers to resolve financial problems in companies where debts are not paid. Bankruptcy trustees have the same powers over individuals where debts are not paid. A Receiver works for a secured creditor (eg bank) and is appointed over security (eg a building) of a company or an individual. All of these people are officially licensed people by the government agencies and/or courts.
  9. 9. An administrator is appointed by a resolution of the board of the company in circumstances where the company is, or will become, insolvent but there is a chance that a deal can be done with creditors to ‘buy’ their support for a proposal (called a Deed of Company Arrangement or DOCA) to allow the company to continue. Once appointed, the administrator must immediately prepare a report containing recommendations as to whether the company should be returned to the control of the directors (NOT LIKELY), wound up or execute a DOCA.
  10. 10. Administrators are required to be registered liquidators, and by virtue of their appointment have broad powers to deal with company property. The appointment of an administrator “freezes” any legal proceedings (on foot or anticipated) against the company, and control of the company is given entirely to the administrator. Directors of the company are prohibited from acting in their capacity as directors for the duration of the administration (at least until the DOCA is accepted by creditors and involves their participation).
  11. 11. STATISTICS Student Growth To modify this graph, click on it, follow the link, change the data and paste the new graph here 60% 40% Student Hobbies Sports Books
  12. 12. STATISTICS Student Growth To modify this graph, click on it, follow the link, change the data and paste the new graph here 60% 40% Student Hobbies Sports Books Bankruptcy Activity. Listening Activity on: https://www.youtube.com/watch?v=-9_S09ZB24I 1) The idea of Bankruptcy has been around since the time of The . . . . 2) The U.S. Constitution says that the Congress has power to pass . . . . . . . . regarding . . .. . . 3) Modern Bankruptcy laws were passed in U.S. in . . . . . . 4) Up into the . . . . . . U.S. had debt . . . . . . 5) There are two types of Bankruptcies: for . . . . . .. and . . . .. . 6) Liquidation is under chapter . . . . . . of the Bankruptcy Code. 7) The bankruptcy Court appoints a . . . .. . to take up your . . . . .. . to pay back the . . . . .
  13. 13. 03 Let´s revise one webpage…
  14. 14. STATISTICS Student Growth To modify this graph, click on it, follow the link, change the data and paste the new graph here 60% 40% Student Hobbies Sports Books https://www.fervor.co.nz/?gclid=CjwKCAj w49qKBhAoEiwAHQVTo4sNWdNMYgEuN n1E1JRn02pYtzpofCsVAvXKe1oZWfMALg OVTtFvMhoCI0MQAvD_BwE https://www.fervor.co.nz/?gclid=CjwK CAjw49qKBhAoEiwAHQVTo4sNWdNM YgEuNn1E1JRn02pYtzpofCsVAvXKe1 oZWfMALgOVTtFvMhoCI0MQAvD_Bw E
  15. 15. 04 MANY WAYS TO SAY “VERY” Vocabulary.
  16. 16. STATISTICS Student Growth To modify this graph, click on it, follow the link, change the data and paste the new graph here 60% 40% Student Hobbies Sports Books Instructions: Write down the many ways to say “very “ mentioned in the following short video: https://www.youtube.com/watch?v= ErXWy50FgXY
  17. 17. CREDITS: This presentation template was created by Slidesgo, including icons by Flaticon, and infographics & images by Freepik. adelamperezdelviso@Gmail.com Thanks!

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