Bankruptcy Law
Bankruptcy Law is the legal status that an insolvent individual can have. The term bankruptcy is not same as the term insolvency. When a company, firm or any business entity are not able for honour its financial obligations or making payments to their creditors, in that case organizations or business entities filed for bankruptcy.
It is a legal method by which individuals or other entities who are not able to repay debts to their creditors can get relief from all of their debts. In most cases, bankruptcy is generally imposed by the court order but initiated by the debtor.
Bankruptcy Law in Ancient Period
In earlier period, Bankruptcy had no existence. If a individual owed a money and he is unable to pay, then in that case, the person and his wife with their children were forced into debt slavery, the creditor take his payment through their physical labour.
Many city or states in ancient period with limited debt slavery for the period of 5 years then debt slaves had protection of his life and limb, which is not enjoyed by normal slaves, Wife and children of the debtor could be retained across the deadline by the creditor and were oftenly forced to serve their new lord for a lifetime.
Bankruptcy Law in Different Countries
In countries like United Kingdom, bankruptcy is limited to individuals. Various forms of insolvency proceedings are applied for companies. Whereas in United States, bankruptcy is applied more broadly than the formal insolvency proceedings. In other countries, like Finland bankruptcy is limited only for the companies and individuals who are insolvent.
Bankruptcy fraud, called as white collar fraud. While difficult to generalize over jurisdictions. Criminal acts under bankruptcy or white collar fraud, statutes usually involved:-
- Concealment of assets.
- Destruction of documents.
- Conflicts of Interest .
- Fraudulent claims.
- False statements.
- Redistribution arrangements.
- Falsifications on bankruptcy.
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