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Insolvency refers to the Situation of a debtor to his payment obligations towards the creditors do not meetThe bankruptcy is characterized by an acute inability to pay ("illiquidity,"or lack of liquidity), or the threat of insolvency from over-Indebtedness can be derived. The inability to pay can in fact be detected, whereas the over-Indebtedness as a result of economic assessments (if necessary, in compliance with accounting regulations), it is not always clear. The type and the implementation of a bankruptcy is regulated differently in the individual States. The goal of the insolvency proceedings in order to legal system is quite different, while the main destination in Germany, Switzerland and Austria allow for the satisfaction of, or the equitable distribution of the losses to the creditors, is a destination in France, the preservation of jobs in the United States, the debtor a fresh start.
In Austria and Switzerland, we speak of bankruptcy, which the meeting of creditors is meant for the judicial division of the assets of a debtor.
Also in Germany until the introduction of the insolvency code was the The term bankruptcy is used. In reference to the Italian term (the broken table) is sometimes used the word bankrupt, in Germany the bankruptcy of legal terms is a criminal Offense. In addition, the word Bankrupt is found in the colloquial language, which is strong negative connotations.
Insolvency can be due to various factors, it being generally between the internal and external insolvency causes three will be differentiated.
Internal causes include all of the activities emanating directly from the companies concerned or the Person themselves, and finally lead to insolvency. This can be, for example, planning mistakes or miscalculations. External insolvency causes, however, describe all the factors that act from the outside. Examples of external causes of structural and cyclical changes in the market conditions, competitive situations (employment, sales), but often unforeseen, are Events.
In the case of natural persons can often not be distinguished between external and internal causes.
Common causes case of natural persons, divorce, illness, loss of a job. For private bankruptcy, there are debt consultants who can help cost savings to be achieved through restrictions in private life. In the context of a debt settlement plan, the revenue, for example, in the case of company insolvency can advertising be increased through measures or specializations. In the case of private insolvency, sale of valuables and non-necessary consumer goods. Only then insolvency proceedings (insolvency law), as appropriate, resulting either in a court procedure or in an out-of-court settlement. A prerequisite is that the bankruptcy estate for the fees and expenses of the insolvency administrator, as well as, at least partially, to the satisfaction of the debts of the totality of the Creditors is not yet sufficient. For legal persons and self-employed, the relevant provisions are to be considered in the commercial code, which specify more precisely when a Bankruptcy occurs - in contrast to the"perceived"the event of the insolvency of a private person. In particular, the satisfaction of an individual creditor under the disadvantage of other creditors is problematic, because this results in challenging circumstances. The late filing of a bankruptcy may be regarded as a Felony and lead to proceedings for insolvency. In Austria, there is no difference between compensation and bankruptcy, but it is the new Austrian insolvency since. In the United Kingdom there is a legally regulated procedure that is similar to the German consumer insolvency proceedings. four In the United States, a distinction is made between voluntary and involuntary proceedings. After an extensive law reform in, there is also a procedure that is similar to the German consumer insolvency proceedings. In addition, between a Liquidation (under Chapter, with the entire possession of the Person or the creditor pass is sold and, in the case of a natural Person, not abbezahlte debt declared null and void,"discharged") and the reorganization (when the debtor seeks, within a period of years under the protection of the court, all debts to pay off).
Liquidation is the procedure, which is referred to by many Americans colloquially as bankruptcy, mainly because this is preferred to the reorganization due to the simplicity, and because the Person must be really bankrupt (see testing below).
five six For natural persons can be carried out by the USA Trustee under Chapter seven, a"means test", if the debts are higher than the average annual income for a household of the same size in the state in which the Person lives. This test lasts for six months. Without this test, the procedure is completed usually within four to months. You only need to appear once in court to a proceeding pursuant to section"first meeting of creditors"there is no believer but often, and you will only be interviewed by the U.S. Trustee under oath.
seven of the eight The data on bankruptcy are based done on the information provided in the bankruptcy courts, in Germany, according to data from the Federal Statistical office, the total to. The greater part of which was accounted for by personal bankruptcies (.), and that the majority of consumer bankruptcies (.).
The number of business bankruptcies, including small businesses, amounted to.
nine ten eleven, the number of corporate insolvencies reached.
the lowest value since, when it. cases had given Also in the case of consumer insolvencies a decline of, there were.
cases, and the lowest value since. twelve Of the corporate insolvencies in the period from January to October were affected by the following six economic areas.
