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Insolvency: Difference between revisions
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Broadly, it means you do not have sufficient assets to meet your liabilities, and you are no longer a viable business. Your [[creditor]]s are entitled to apply to the court for the appointment of a [[receiver]] who will liquidate your assets, determine your liabilities, and distribute the proceeds of that liquidation to your creditors pro rata. After that, the game is up and you no longer exist. | Broadly, it means you do not have sufficient assets to meet your liabilities, and you are no longer a viable business. Your [[creditor]]s are entitled to apply to the court for the appointment of a [[receiver]] who will liquidate your assets, determine your liabilities, and distribute the proceeds of that liquidation to your creditors pro rata. After that, the game is up and you no longer exist. | ||
There are all sorts of special regimes and intermediate statuses in different jurisdictions (such as America's famous [[chapter 11] and [[ | There are all sorts of special regimes and intermediate statuses in different jurisdictions (such as America's famous [[chapter 11]] protection - designed to help a struggling company reorganise itself and get out of insolvency without going to the wall - and [[bank]]s and [[financial institution]]s generally will be subject to [[bank resolution and recovery regime]]s which make the winding up process a little bit more complicated. | ||
{{insolvency}} | {{insolvency}} | ||
*[[BRRD]] | |||
*[[Netting]] | *[[Netting]] | ||
*[[CRD IV]] | *[[CRD IV]] | ||
*[[Credit risk]] | *[[Credit risk]] | ||