How do such processes contrast with bankruptcy proceedings? A company may apply to the Guernsey Registrar to be voluntarily struck off. The application must be made by the board of directors and be accompanied by a declaration of compliance confirming that all requirements of Guernsey law have ...
How do such processes contrast with bankruptcy proceedings? Dissolution is achieved via the voluntary liquidation procedure under the BCA. The liquidator will file a statement with the Registrar to confirm the liquidation is complete. Upon receiving the completion statement, the Registrar will strike ...
Under the Bankruptcy Code, a transfer may be avoided as fraudulent if it occurred within two years before the bankruptcy filing, and the debtor made the transfer with actual intent to defraud creditors, regardless of whether the debtor was insolvent. In addition, a trustee (or debtor in possess...
Recall that unlike U.S. municipalities (such as Detroit), Puerto Rico bodies and utilities aren’t considered debtors for purposes of Chapter 9 of the U.S. Bankruptcy Code and therefore don’t have access to the municipal bankruptcy process.See11 U.S.C. § 101(52). Puerto Rico attempted...
2. The SCN issued by IBBI alleged contraventions of sections 208(2)(a) and 208(2)(e) of the Insolvency and Bankruptcy Code, 2016 (Code), regulations 7(2)(a), 7(2)(h) and 7A of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations) read with clauses ...
will make the necessary filing that the company agrees to, be it a restructuring plan, bankruptcy protection or a liquidation bankruptcy filing, with the Office of the Superintendent of Bankruptcy and/or the Court, outlining all the reasons behind the insolvency and the suggested course of action...