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Statute Of Bankrupts Act 1542
The Statute of Bankrupts or An Acte againste suche persones as doo make Bankrupte, 34 & 35 Henry VIII, c. 4, was an Act passed by the Parliament of England in 1542. It was the first statute under English law dealing with bankruptcy or insolvency. It was repealed by section 1 of the Act 6 Geo.4 c.16. The Act contained an extremely long preamble which denounced debtors acting in fraud of their creditors, directed that the bodies of the offenders and all of their assets be taken by the requisite authorities and the assets be sold to pay their creditors "a portion, rate and rate alike, according to the quantity of their debts". Thereby the first bankruptcy statute also imported into English law for the first time the ''pari passu'' principle of distribution on insolvency. These principles would later be heavily underscored by the House of Lords in the cases of ''National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd ''National Westminster Bank Ltd v Halesowen Pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act 1825
The Act 6 Geo 4 c 16, sometimes called the Bankruptcy Act 1825, the Bankrupt Act, the Bankrupts Act 1825 or the Bankrupts England Act 1825, was an Act of the Parliament of the United Kingdom. It was repealed by section 1 of, and Schedule A to, the Bankrupt Law Consolidation Act 1849 (12 & 13 Vict c 106). It was repealed for the Republic of Ireland by section 2(1) and 3 of, and Part 4 of Schedule 2 to, the Statute Law Revision Act 2007. The Act allowed people to start proceedings for their own bankruptcy. Before this, only creditors could start the proceedings. See also *UK insolvency law *UK bankruptcy law *History of bankruptcy law The history of bankruptcy law begins with the first legal remedies available for recovery of debts. Bankruptcy is the legal status of a legal person unable to repay debts. Ancient world In Ancient Greece, bankruptcy did not exist. If a man owed a ... Notes and references *The Statutes of the United Kingdom of Great Britain and Ireland, 6 George ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Eagle International Airlines Ltd V Compagnie Nationale Air France
''British Eagle International Air Lines Ltd v Cie Nationale Air France'' 9751 WLR 758 is a UK insolvency law case, concerning priority of creditors in a company winding up. Facts A number of airlines agreed to set up a clearing house to manage debt and credit accounts among themselves. Each airline in the group owed multiple and changing debts to one another, so to make settlements easier, participants were not meant to claim against one another, but simply enter their transactions in the clearing house, and then settle the balance at the end of each month. The clearing house fell under the authority of the International Air Transport Association, or IATA. British Eagle went into liquidation, and owed money to the clearing house overall, but was a creditor to Air France. The liquidator attempted to recover the money from Air France and Air France argued it was bound by the clearing house scheme, and could only collect money after netting out the claims of creditors of British Ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In England And Wales
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media. Bankruptcy in England and Wales In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition. An individual may present his own petition on the ground that he is insolvent, i.e. unable to pay his debts. A creditor or creditors may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1542 In England
Events from the 1540s in England. Incumbents * Monarch – Henry VIII (until 28 January 1547), then Edward VI * Regent – Catherine, Queen Consort (starting 15 July, until 30 September 1544) * Lord Protector – Edward Seymour, 1st Duke of Somerset (starting 4 February 1547, until 11 October 1549) * Parliament – 7th of King Henry VIII (until 24 July 1540), 8th of King Henry VIII (starting 16 January 1542, until 28 March 1544), 9th of King Henry VIII (starting 23 November 1545, until 31 January 1547), 1st of King Edward VI (starting 4 November 1547) Events * 1540 ** January – Shap Abbey and Dunstable Priory are closed down as part of the Dissolution of the Monasteries. ** 1 January – King Henry VIII meets Anne of Cleves in person for the first time, informally at Rochester. ** 2 January – Gloucester Abbey is surrendered to the Crown as part of the Dissolution of the Monasteries. ** 6 January – King Henry VIII marries Anne of Cleves, his fourth Queen consort. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1542 In Law
Year 154 ( CLIV) was a common year starting on Monday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Aurelius and Lateranus (or, less frequently, year 907 '' Ab urbe condita''). The denomination 154 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * King Eupator of Bosphorus pays tribute to Rome, due to the threat posed by the Alani. * The Antonine Wall is completed. Asia * Last (2nd) year of ''Yongxing'' era of the Chinese Han Dynasty. * Adalla becomes ruler of the Korean kingdom of Silla. By topic Religion * Anicetus becomes pope of Rome (approximate date). * Anicetus meets with Polycarp of Smyrna to discuss the Computus, the date of Easter in the Christian liturgical calendar. * Change of Patriarch of Constantinople from Patriarch Euzois to Patriarch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Corporate Insolvency Law
''Principles of Corporate Insolvency Law'' (3rd edn Thomson, London 2005) by Roy Goode of the University of Oxford is a leading textbook on UK insolvency law. The forthcoming edition in 2010 will be taken over by Professor Robert Stevens, of University College London. Outline of principles Professor Goode's suggested ten principles of corporate insolvency law are as follows.see ch 3, 69-81 # corporate insolvency law recognises rights accrued under the general law prior to liquidation # only the assets of the debtor company are available for its creditors # security interests and other real rights created prior to the insolvency proceeding are unaffected by the winding up # the liquidator takes the assets subject to all limitations and defences # the pursuit of personal rights against the company is converted into a right to prove for a dividend in the liquidation # on liquidation the company ceases to be the beneficial owner of its assets # no creditor has any interest ''in spec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roy Goode
Sir Royston Miles "Roy" Goode (born 6 April 1933) is an academic commercial lawyer in the United Kingdom. He founded the Centre for Commercial Law Studies at Queen Mary, University of London. He was awarded the OBE in 1972 followed by the CBE in 1994 before being knighted for services to academic law in 2000. Education and early life He was educated at Highgate School in North London,Highgate School Register 7th Edn 1833–1988, Ed. Patrick Hughes & Ian F Davies 1989 and obtained his law degree by external study through the University of London External Programme in 1954. He completed the LLD at London in 1976 and the DCL at the University of Oxford in 2005. Career He was admitted as a solicitor in 1955; he was later called to the Bar at Inner Temple in 1988. Goode spent 17 years in private practice as a solicitor before turning to academia. While in practice, he wrote a series of legal textbooks. He began by writing a text on hire purchase as nothing had been written on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act
Bankruptcy Act (with its variations) is a stock short title used for legislation in Australia, Hong Kong, Malaysia, the Republic of Ireland, the United Kingdom and the United States relating to bankruptcy. The Bill for an Act with this short title will usually have been known as a Bankruptcy Bill during its passage through Parliament. Bankruptcy Acts may be a generic name either for legislation bearing that short title or for all legislation which relates to bankruptcy. List Australia *The Bankruptcy Act 1924 *The Bankruptcy Act 1930 *The Bankruptcy Act 1966 Hong Kong *The Bankruptcy Ordinance 1932 *The Bankruptcy (Amendment) Ordinance 2005 Malaysia *The Bankruptcy Act 1967 Nigeria * The Bankruptcy Act 1979 * The Bankruptcy Act 2004 Republic of Ireland *The Bankruptcy Act 1988 (No 27) United Kingdom *The Statute of Bankrupts (1542) (34 & 35 Hen 8 c 4) *The Act 21 Jac 1 c 19 is sometimes called the Bankruptcy Act 1623 *The Bankruptcy Act 1705 *The Act 6 Geo 4 c 16 is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Westminster Bank Ltd V Halesowen Presswork & Assemblies Ltd
''National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd'' 972AC 785 is a decision of the House of Lords in relation to a banker's right to combine accounts under English law. It is the leading English case and a banker's right to combine accounts, and also an important decision relating to insolvency set-off. The case was decided in relation to section 31 of the Bankruptcy Act 1914 (which applied to companies by virtue of section 317 of the Companies Act 1948). Today those provisions have been replaced by section 323 of the Insolvency Act 1986 and rule 14.25 of the Insolvency Rules (England and Wales) 2016 (formerly rule 4.90 of the Insolvency Rules 1986), but the decision is still treated as authoritative. Facts Halesowen Assembly & Pressworks Ltd was a small company based in Halesowen, West Midlands. They had an account with National Westminster Bank which in February 1968 was overdraw by £11,339. The bank was concerned, and a meeting was held. An ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Committee Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, it for many centuries had a judicial function. It functioned as a court of first instance for the trials of peers, for impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and in 1948, the use of special courts for such trials was abolished. The procedure of impeachment became seen as obsolete. In 2009, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pari Passu
''Pari passu'' is a Latin phrase that literally means "with an equal step" or "on equal footing". It is sometimes translated as "ranking equally", "hand-in-hand", "with equal force", or "moving together", and by extension, "fairly", "without partiality". Etymology :* '' pari'' is the ablative singular masculine (since it must grammatically agree with ''passu'') of the adjective ''par'', "equal". If it were nominative, "an equal step" it would be ''par passus''. :* '' passu'' is the ablative of the Latin noun ''passus'', "step". This term is commonly used in law. ''Black's Law Dictionary'' (8th ed., 2004) defines ''pari passu'' as "proportionally; at an equal pace; without preference". Usage In inheritance In inheritance, a ''pari passu'' (''per capita'') distribution can be distinguished from a '' per stirpes'' (by family branch) distribution. For example, suppose a testator had two children A and B. A has two children, and B has three. * If the testator leaves his or her ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
