Saturday, November 29, 2014 8:52 PM EST

Bankruptcy Law

Bankruptcy Law governs the procedure by which a debtor - an individual, corporation, or municipality - is relieved of total liability for its debts by making court-approved arrangements for their partial repayment. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay 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 organization). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.

Articles About Bankruptcy Law

In largest-ever U.S. City Bankruptcy, Cuts Coming for Detroit Creditors, Retirees

By Reuters

A federal judge on Tuesday formally declared Detroit bankrupt, a landmark ruling that clears the way for potentially sweeping cuts to city worker pensions and retirement benefits and for steep and possibly precedent-setting losses to the cash-strapped city's bond holders. (Dec 04)

MORE TOPICS: COURT, MICHIGAN, ATTORNEY GENERAL, LAWYER

Detroit Bankruptcy Trial: City Hears of Buckfire Sale

By IBTimes UK

Court to hear potential objections to the city's eligibility for Chapter 9 on 25 October. (Oct 26, 2013)

MORE TOPICS: CALIFORNIA, COURT, PENNSYLVANIA, MANAGEMENT, INVESTMENT

Detroit Bankruptcy: Protecting City's Pensions May Breach US Bankruptcy Code

By IBTimes UK

Detroit's bankruptcy trial will commence on 23 October. (Oct 22, 2013)

MORE TOPICS: CALIFORNIA, COURT, THE NEW YORK TIMES, NEW YORK, MICHIGAN, PENNSYLVANIA

American Airlines’ Plan to Exit Bankruptcy gets Federal Judge’s Approval

By Industry Leaders Magazine

The federal judge approved American Airlines' bankruptcy plan of merging with US Airways Group Inc. (LCC). He said a U.S. antitrust lawsuit who is seeking to block the deal was no reason to delay it. (Sep 19, 2013)

MORE TOPICS: COURT, AMERICAN AIRLINES, UNITED AIRLINES, LAWSUIT

HMRC and the Abuse of Power: MPs Plan to Liquidate the Liquidators

By IBTimes UK

SPECIAL REPORT: MPs demand an overhaul of bankruptcy law, horrified at how an alleged £7m smuggling case ruined a business, after its directors were pursued by liquidators from accountancy giant Deloitte. (Aug 09, 2013)

MORE TOPICS: HUMAN RIGHTS, COURT, LONDON

First Detroit Bankruptcy Hearing Set as Workers Protest over Pensions

By IBTimes UK

Hearing for Detroit bankruptcy and the city's pension funds case set for 24 July (Jul 23, 2013)

MORE TOPICS: GOLD, COURT, MICHIGAN, MANAGEMENT, LAWYER, INVESTMENT

Detroit bankruptcy case heads to Wednesday hearing on challenges

By Reuters UK

Labour unions trying to stop Detroit from cutting pensions filed a new challenge to the city in bankruptcy court as the federal judge overseeing the case said he would hear arguments on Wednesday. (Jul 23, 2013)

MORE TOPICS: GOLD, MANUFACTURING, COURT, MICHIGAN, LAWYER

AMR can send restructuring plan to creditors for a vote - judge

By Reuters UK

American Airlines' bankrupt parent received court permission on Tuesday to send its restructuring plan to creditors for a vote, bringing its planned $11 billion merger with US Airways Group <LCC.N> a step closer to reality. (Jun 05, 2013)

MORE TOPICS: COURT, NEW YORK, AMERICAN AIRLINES, MANAGEMENT

Indian Bankers Suit up for War on Debt Defaulters

By Reuters

Fed up with a profitable textile company's failure to repay its loan, UCO Bank (UCBK.NS) has taken its grievance public, placing newspaper ads last month that brand the industrialist owner of S. Kumar's Nationwide Ltd (SKMK.NS) a defaulter. (Jun 03, 2013)

MORE TOPICS: COURT, INDIA, MANAGEMENT, BOLLYWOOD, STATE BANK OF INDIA, OUTSOURCING

No more Mr. Nice Guy: Indian bankers suit up for war on debt defaulters

By Reuters

Fed up with a profitable textile company's failure to repay its loan, India's UCO Bank <UCBK.NS> has taken its grievance public, placing newspaper ads last month that brand the industrialist owner of S. Kumar's Nationwide Ltd <SKMK.NS> a defaulter. (Jun 03, 2013)

MORE TOPICS: COURT, INDIA, MANAGEMENT, BOLLYWOOD, STATE BANK OF INDIA, OUTSOURCING