Commercial Bankruptcy

The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Bankruptcy, Commercial


a special process established in the law of the majority of capitalist states, initiated to provide just satisfaction of all claims by creditors in case a debtor is adjudged insolvent by a court.

In case of bankruptcy, a special body, known as a bankruptcy administration, is created to administer and dispose of the property of the insolvent debtor for the benefit of his creditors. The nature of the property (the bankrupt’s estate) that may be transferred to the bankruptcy administration and sold is variously defined in different countries. For example, in the Federal Republic of Germany the bankrupt’s estate consists only of property owned by the insolvent debtor at the moment of the initiation of the bankruptcy proceeding. In Great Britain, the USA, and France, property in the possession of the insolvent debtor at the time of the bankruptcy proceeding is also included. In the bankruptcy proceeding the amount and nature of the creditors’ claims are established, as is the order of priority for their satisfaction. High-priority claims are usually taxes, fees, wages, and the expenses connected with the bankruptcy proceeding. The remaining property is distributed in proportion to the amounts of claims accepted by the court. Proceeds from the sale of the property are distributed gradually as funds are accumulated. When the bankruptcy proceeding is complete, a judgment to that effect is passed by the court.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
He represents lenders and financial institutions in all aspects of commercial bankruptcy and insolvency proceedings in courts throughout the United States.
Laura Ashley is a partner in the litigation practice group in the New Orleans office of Jones Walker LLP, where she represents national and international companies in commercial bankruptcy litigation.
Johnson regularly handles complex commercial bankruptcy litigation in Chapters 11, 7, 9, and 12, and has handled a number of lender class-action adversary proceedings in Chapter 13.
One of the big reasons why I picked Dykema when I came out of law school and became a commercial bankruptcy lawyer at Dykema was that they had a very robust pro bono practice.
21 filing lays out a procedure for a "landlord bid," in which a landowner can bid to buy out the lease on a store or stores on their property, said Ben Gurstelle, a commercial bankruptcy attorney with Briggs & Morgan in Minneapolis who reviewed the documents for Finance & Commerce.
We treat these provisions for the company as exemptions from the commercial bankruptcy regime, allowing KTZ's dissolution only by national law.
He has been involved in large Chapter 15 cross-border insolvency cases and has also represented creditors, creditors' committees and debtors in large commercial bankruptcy cases in New York, New Jersey, Delaware and elsewhere around the country.
Following on the heels of an announcement that the UAE will implement a commercial bankruptcy law, H.E.
Following on the announcement that the UAE will implement a commercial bankruptcy law, the government has also indicated an individual bankruptcy law is in the making and it could be implemented as early as next year.
The council approved a draft study on the commercial bankruptcy system prepared by the economy and energy committee.
because the modern commercial bankruptcy reorganization process relies
According to aforementioned, there are various reasons for commercial bankruptcy. In developed countries, such a category is considered and monitored through legal systems while in developing countries, the probability of bankruptcy is higher, especially if law provides a little support for the beneficiaries of bankruptcy.
Full browser ?