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  1. Bankruptcy in China. The Enterprise Bankruptcy Law of the People's Republic of China (trial Implementation) was first passed in 1986. On 1 June 2007, the new Enterprise Bankruptcy Law of the PRC came into force. It contains 136 articles, almost 100 more than the 1986 law it replaced, and consequently it is thought to be more complete legally.

  2. en.wikipedia.org › wiki › BankruptcyBankruptcy - Wikipedia

    Bankruptcy, also referred to as insolvency in Canada, is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada, the Canadian subsidiary of the Target Corporation, the second-largest discount retailer in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12.

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    In the events leading up to the 1988 Summer Olympics, there was a large development boom in the Seoul Capital Area. Because of bans against international construction contractorssigning contracts for projects in Seoul at the time, almost all buildings were being erected by South Korean companies, who typically built the structures quickly because o...

    Collapse

    In April 1995, cracks began to appear in the ceiling of the fifth floor in the south wing, with the only response by Lee Joon and his management staff to move merchandise and stores from the top floor to the basement. On the morning of June 29, the number of cracks in the area increased dramatically, prompting managers to close parts of the top floor; the store management failed to shut the building down or issue formal evacuation orders, as the number of customers in the building at the time...

    Rescue efforts

    Rescue crews were on the scene within minutes of the disaster, with cranes and other heavy equipment being brought in the next day. However, Seoul's mayor, Choi Byung Yol, announced the rescue would be called off due to concerns that the unstable remains of the store would collapse. After massive protests, especially from friends and relatives of those still missing, Choi and officials decided to continue looking for survivors, with the remains of the store being steadied by guy cables. At on...

    The investigation to the collapse was headed by Professor Lan Chung of Dankook University's engineering school. Shortly after the collapse, leaking gas was suspected as the probable cause because two gas explosions had occurred elsewhere in Seoul that year. However, the fires in the rubble were from burning automotive gasoline coming from crushed c...

    Trial and prison sentence

    During his interrogation with Professor Chung, Lee Joon sparked further controversy by saying that his main concern was that the collapse of the store not only harmed the customers, but also inflicted great financial damage to his company. On December 27, 1995, Lee Joon was found guilty of criminal negligence and received a prison sentence of ten and a half years. Prosecutors originally asked for Lee Joon's sentence of twenty years, but was reduced to seven and a half years on appeal.Lee Joon...

    Compensation

    At first, families of the victims were asking for an average of $361,000 each. However, the City of Seoul, representing the store's owner, offered to pay $220,000 for each victim, arguing that he could not afford to pay more. Two months after the collapse, Lee Joon and Lee Han-Sang submitted a jointly-signed memo to Seoul, offering their entire wealth to compensate the families of the victims. As a result, the Sampoong Group ceased to exist.[citation needed] The settlement involved 3,293 case...

    The initial reaction of the disaster was an enormous public outrage that led to months of public demonstrations on the streets of Seoul. The disaster led to skepticism and fears regarding safety standards on other engineering projects undertaken as South Korea had experienced an economic boomduring the 1980s, and it resulted in a review of South Ko...

    The remains of the store were demolished shortly after the collapse and the recovery operations; the site remained vacant until 2000. The families of the victims requested that a memorial be built on the site, but it was opposed by the Seochu District government, forcing the Seoul Metropolitan Government to mediate the dispute. In a controversial m...

    Park Chan-Wook depicts the greed capitalizing on the tragedy in his 1999 short film Judgement.
    The Sampoong Department Store collapse is depicted in the 2006 film Traces of Love.
    The event is portrayed in a Blueprint for Disaster episode. Seconds from Disasteralso covered the catastrophe, as well as its aftereffects on South Korea.
    The series finale of the SBS TV series Giantreferences the Sampoong Department Store collapse.

    Park, Tae Won (April 10, 2012). "Inspection of collapse cause of Sampoong Department Store". Forensic Science International. 217 (1–3): 119–26. doi:10.1016/j.forsciint.2011.10.039. PMID 22079499.

    The Korea Times: The Dawn of Modern Korea - Collapse of Sampoong Department Store (Archive)
    "South Korean Department Store Collapses, Killing at least 113". The New York Times. Associated Press. June 30, 1995.
    • History
    • Chapters of The Bankruptcy Code
    • Features of U.S. Bankruptcy Law
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    • Bankruptcy Crimes
    • Bankruptcy and Federalism
    • Social and Economic Factors
    • Largest Bankruptcies
    • Alternatives to Bankruptcy
    • External Links

    Before 1898, there were several short-lived federal bankruptcy laws in the U.S. The first was the Bankruptcy Act of 1800 which was repealed in 1803 and followed by the act of 1841, which was repealed in 1843, and then the act of 1867, which was amended in 1874and repealed in 1878. The first modern Bankruptcy Act in America, sometimes called the "Ne...

    Entities seeking relief under the Bankruptcy Code may file a petition for relief under a number of different chapters of the Code, depending on circumstances. Title 11 contains nine chapters, six of which provide for the filing of a petition. The other three chapters provide rules governing bankruptcy cases in general. A case is typically referred ...

    Voluntary versus involuntary bankruptcy

    As a threshold matter, bankruptcy cases are either voluntary or involuntary. In voluntary bankruptcy cases, which account for the overwhelming majority of cases, debtors petition the bankruptcy court. With involuntary bankruptcy, creditors, rather than the debtor, file the petition in bankruptcy. Involuntary petitions are rare, however, and are occasionally used in business settings to force a company into bankruptcy so that creditors can enforce their rights.

    The estate

    Except in Chapter 9 cases, commencement of a bankruptcy case creates an "estate". Generally, the debtor's creditors must look to the assets of the estate for satisfaction of their claims. The estate consists of all property interests of the debtor at the time of case commencement, subject to certain exclusions and exemptions. In the case of a married person in a community property state, the estate may include certain community property interests of the debtor's spouse even if the spouse has...

    Bankruptcy court

    In 1982, in the case of Northern Pipeline Co. v. Marathon Pipe Line Co., the United States Supreme Court held that certain provisions of the law relating to Article I bankruptcy judges (who are not life-tenured "Article III" judges) are unconstitutional. Congress responded in 1984 with changes to remedy the constitutional defects. Under the revised law, bankruptcy judges in each judicial district constitute a "unit" of the applicable United States District Court. Each judge is appointed for a...

    In 2013, 91 percent of U.S. individuals filing bankruptcy hire an attorney to file their Chapter 7 petition. The typical cost of an attorney was $1,170. Alternatives to filing with an attorney are: filing pro se, meaning without an attorney, which requires an individual to fill out least sixteen separate forms, hiring a petition preparer,or using o...

    In the United States, criminal provisions relating to bankruptcy fraud and other bankruptcy crimes are found in sections 151 through 158 of Title 18 of the United States Code. Bankruptcy fraud includes filing a bankruptcy petition or any other document in a bankruptcy case for the purpose of attempting to execute or conceal a scheme or artifice to ...

    On January 23, 2006, the Supreme Court, in Central Virginia Community College v. Katz, declined to apply state sovereign immunity from Seminole Tribe v. Florida, to defeat a trustee's action under 11 U.S.C. § 547to recover preferential transfers made by a debtor to a state agency. The Court ruled that Article I, section 8, clause 4 of the U.S. Cons...

    In 2008, there were 1,117,771 bankruptcy filings in the United States courts. Of those, 744,424 were chapter 7 bankruptcies, while 362,762 were chapter 13. Apart from social and economic factors such as education and income, there is often also a correlation between race and bankruptcy outcome.For example, for personal bankruptcy claims, minority d...

    The largest bankruptcy in U.S. history occurred on September 15, 2008, when Lehman Brothers Holdings Inc. filed for Chapter 11protection with more than $639 billion in assets.

    A Texas divisional merger is a process allowed by Texas law in which a company can create a separate company to take over liabilities, with the existing company operating normally. The new company, with a different name, can locate in a state such as North Carolinawhere bankruptcy laws are different, and then declare bankruptcy, paying less than th...

  3. List of bank failures in the United States (2008–present) Notes ^A Acquired a nearly 80% share in exchange for a US$85 billion loan. ^B Only trading assets, trading liabilities, and head offices were acquired. ^C Only European and Middle Eastern equities and investment banking operations were acquired. ...

  4. Parmalat bankruptcy timeline. In 2003, multinational Italian dairy and food corporation Parmalat collapsed with a €14 billion ($20bn; £13bn) hole in its accounts, in what remains Europe's biggest bankruptcy. The Parmalat bankruptcy greatly affected football team AC Parma, in which Parmalat was the major shareholder. [1]

  5. The 2005 Dhaka garment factory collapse or Spectrum garment factory collapse was a structural failure that occurred on Monday, 11 April 2005 in the Savar Upazila of Dhaka, Bangladesh where a nine-story commercial building collapsed. [3] [4] The site is located about 30 km northwest of Dhaka. The explosion of a boiler on the ground floor ...

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