basic process. Two main parties are involved in bankruptcy filings -- the debtor and the creditor. The debtor is the party who has debt‚ or owes money‚ to the creditor. A debtor can be a company or an individual. The creditor is an organization or company that claims the debtor owes property‚ service‚ or money. Most bankruptcy cases involve several creditors. The purpose of this document is to explore Bankruptcy. Debtors can have two different types of debt -- secured and unsecured. With secured
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WHY JAMES MADINSON USES CREDITORS AND DEBTORS AS RICH AND POOR‚ AND THE ROLE OF THE GOVERNMENT IN REGARDS TO MONEY LENDING A creditor is a party that has a claim to the service of a second party. It is a person or institution to whom money is owed. A debtor is an entity that owes a debt to another entity; the entity may be an individual‚ firm‚ a government‚ a company or other legal person. James Madison compares creditors and debtors to the rich and poor because the creditors are the parties
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GENERAL PROVISIONS See Arts. 1156 - 1162 ELEMENTS OF AN OBLIGATION: 1. Active subject (obligee/creditor): one in whose favor the obligation is constituted 2. Passive subject (obligor/debtor): one who has the duty of giving‚ doing or not doing 3. Object: prestation; the conduct which has to be observed by the debtor/obligor REQUISITES 1. it must be licit (otherwise it is void) 2. it must be possible‚ physically and juridically (otherwise it is void) 3. it must be determinate or determinable (otherwise
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his own initiative and without the knowledge or against the will of the original debtor assumes the latter obligation with the consent of the creditor. 164. Delegacion tdefined and exemplified -delegacion or that which takes place when the creditor accepts a third person to take place of the debtor at the instance of the latter. 165. Requisites of Expromission and Delegacion -In expromission‚ payment by the new debtor gives him the right to beneficial reimbursement under the second paragraph of Article
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since October 1‚ 1979. 4. Composition Agreement- an agreement between a debtor and multiple creditors for the repayment of debt. The various reorganization proceedings of the Bankruptcy Code (Ch. 9‚ 11‚ 12 and 13) are judicially approved composition agreements. 5. Creditors- an entity with a claim arising before the filing of a bankruptcy petition. Section 101(9) of the Bankruptcy Code defines creditor. 6. Debtor- an entity that owes a debt. The entity filing a voluntary bankruptcy proceeding
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TABLE OF CONTENT Title Page Scenario of the Case of ABC Bhd 1 Acknowledgement 2 Findings Misstated Amount Due in Statutory Demand 3-5 Number of Members is Reduce Lower than Two 6-8 Voluntary Winding Up 9-10 Compulsory Winding Up
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Passive subject – the person who is bound to the fulfilment of the obligation. 2. Active subject – the person who is entitled to demand the fulfilment of the obligation. 3. Object or prestation – the conduct required to be observed by the debtor. 4. Juridical or legal tie (efficient cause) – it binds or connect the parties to the obligation. Right – is the power which a person has under the law‚ to demand from another any prestation. Wrong – is an act or omission of one party in violation
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1978. The legislation includes many requirements for the debtors to go through before declaring bankruptcy (Singer). The amendments to the Code were not in response to an economic calamity; but rather resulted from a desire to recalibrate the balance of the often-competing interests of debtors and creditors. It was devised to strengthen the rights of creditors‚ clarify capacities of ambiguity and conceivably change the dynamics of the debtor-creditor relationship. The first requirement is the administration
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account is opened by a customer with a bank and this contract remains valid till the customer operates his account as per the terms and conditions agreed between them. 2. Debtor and Creditor Relationship: When a customer opens an account with a bank and maintains a credit balance‚ the banker assumes the position of a debtor and the customers assumes the role of a creditor. Money deposited with the bank becomes a debt due from him to the customer. The banker can use the money deposited with him
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and refused by him‚ the promisor is discharged from liability in respect of his promise. Arguments for the Respondent Plaintiff Section 45 of the Act‚ by declaring the right of the several joint promisees to performance makes it incumbent on the debtor to satisfy them all before obtaining a complete discharge. Creditor being a mortgagee makes a material difference. A J COLLINS‚ SHEPHARD With regard to section45‚ it cannot be seen that the declaration that the several joint promisees are entitled
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