What is bankruptcy?
Bankruptcy, no longer able to fulfill the obligations of a debtor in the merchant or merchant status (failure to pay the debt) is the state. For our interested readers: this is the English version of insolvency words expressing bankruptcy. Bankruptcy same time, trade by the court, could not pay their debts identified by the name given to the situation of the debtor in the decision and declared merchant or merchant status. This is a condition statement does not bankrupt the English insolvency, bankruptcy is the word.
Bankruptcy, on the follow-up process was launched for execution debtor in a merchant or merchant status, exercise is the way to go to fulfill his obligations in the event of the borrower.
Chapter 11 Bankruptcy
What is business execution as noted in our article entitled, when traders started the foreclosure process or it will take a debtor to cover the merchant status, called the execution of ash initiated enforcement proceedings of this type. Also with public execution or enforcement of Chapter 11 Bankruptcy proceeding for the execution of powdery mildew terms are used synonymously. Powdery mildew enforcement or public executive said the reason is that all creditors against the debtor in question is because in the case of traffickers and all assets of the debtor that can be seized. As will be noted, while an executive kind of powdery mildew execution is implemented in a way that the ashes of bankruptcy enforcement. Acting now on, sometimes we witnessed the execution of powdery mildew and other used instead of bankruptcy, it would be appropriate to say that they are not the same thing.
A process initiated enforcement proceedings in the Bankruptcy (ie the execution of powdery mildew), and the borrower does not pay the traders still status is decided by the bankruptcy court of commerce. We would like to mention at this point that does not necessarily need to be a commercial debt for debt in bankruptcy. Traders may be subject to bankruptcy for non-commercial lending. Moreover, according to the Bankruptcy Code, except for the case of non-payment of the debt, as can be adjudged bankrupt due to other specific reasons (for example, like to have a capital company less the total liabilities of the total assets of), there are also borrowers be given a bankrupt though they are not traffickers. In that case…
Who is Subject to Bankruptcy?
What is chapter 11 bankruptcy :Traders (natural person or legal entity status traffickers), and should they be state or commercial law merchant or merchant status persons should be considered in particular are subject to bankruptcy laws.