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Tools Of Trade
The tools of trade are items that are exempt from attachment under bankruptcy law or from seizure. The exemption exists in many jurisdictions. For examples: * In England, the Bankrupts (England) Act 1825 ( 6 Geo. 4. c. 16) included it in a short list of exemptions: "tools of trade, necessary household furniture, and the wearing apparel of himself, his wife and children". The Bankruptcy Act 1883 and the Bankruptcy Act 1890 contained the same exception. The Bankruptcy Act 1914 contained an exception. The Insolvency Act 1986 that is nowadays applicable states "such tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him in his employment, business or vocation". * In Australia the Bankruptcy Act 1966 exempts the "ordinary tools of trade, plant and equipment ..ordinary professional instruments and professional reference books". * All of the provinces of Canada have a tools of trade exemption in their various bankruptcy laws. * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Attachment (law)
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets. Prejudgment attachment Prejudgment attachment or Prejudgment writ of attachment allows recovery of money damages by levying a security interest on the property of the party paying money damages. A writ of attachment is filed to secure debt or claim of the creditor in the event that a judgment is rendered. Foreign attachment procedures have existed from time to time in Scotland, where it was known as ''arrestment''; in France, where it was known as '' saisie arret''; in the U.S and elsewhere. (Google Books) Prejudgment attachment in Chinese litigation proceeding can be obtained by the plaintiff before filing the case with court or arbitration commission in the case of emergen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Common Law
English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. The judiciary is independent, and legal principles like fairness, equality before the law, and the right to a fair trial are foundational to the system. Principal elements Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of '' stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both statutory law and established principles which are derived from the reasoning from earlier decisions. Equity is the other historic source of judge-made law. Common law can be amended or repealed by Parliament. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Attachment (law)
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets. Prejudgment attachment Prejudgment attachment or Prejudgment writ of attachment allows recovery of money damages by levying a security interest on the property of the party paying money damages. A writ of attachment is filed to secure debt or claim of the creditor in the event that a judgment is rendered. Foreign attachment procedures have existed from time to time in Scotland, where it was known as ''arrestment''; in France, where it was known as '' saisie arret''; in the U.S and elsewhere. (Google Books) Prejudgment attachment in Chinese litigation proceeding can be obtained by the plaintiff before filing the case with court or arbitration commission in the case of emergen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proceeds Of Crime Act 2002
The Proceeds of Crime Act 2002 (c. 29) (POCA) is an act of the Parliament of the United Kingdom which provides for the confiscation or civil recovery of the proceeds from crime and contains the principal money laundering legislation in the UK. Background The act was enacted following the publication on 14 June 2000 of new government policy as set out in the Performance and Innovation Unit's report "Recovering the Proceeds of Crime". It deals with a wide range of matters relevant to UK law on proceeds of crime issues. These include confiscation orders against convicted individuals (requiring payment to the State based upon the benefit obtained from their crimes), civil recovery of proceeds of crime from unconvicted individuals, taxation of profits generated from crime, UK anti-money laundering legislation, powers of investigation into suspected proceeds of crime offences, and international co-operation by UK law enforcement agencies against money laundering. The Act has be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Courts And Legal Services Act 1990
The Courts and Legal Services Act 1990 (c. 41) was an Acts of Parliament in the United Kingdom, act of the Parliament of the United Kingdom that reformed the legal profession and courts of England and Wales. The act was the culmination of a series of reports and reforms that started with the Benson Commission in the 1970s, and significantly changed the way that the legal profession and court system worked. The changes introduced in the act covered a variety of areas. Important changes were made to the Judiciary of England and Wales, judiciary, particularly in terms of appointments, judicial pensions and the introduction of Judiciary of England and Wales#District judges, district judges, the arbitration process of Alternative Dispute Resolution and the procedure in the courts, particularly in terms of the distribution of civil business between the High Court of Justice, High Court and the County Court (England and Wales), county courts. The most significant changes were made in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Act 1981
The Senior Courts Act 1981 (c. 54), originally named the Supreme Court Act 1981, is an act of the Parliament of the United Kingdom. The act prescribes the structure and jurisdictions of the Senior Courts of England and Wales (previously known as the "Superior Courts"). These Senior Courts comprise: the Court of Appeal, High Court of Justice, the Employment Appeal Tribunal, and the Crown Court. Change of name The Constitutional Reform Act 2005 established a new Supreme Court which, on 1 October 2009, replaced the Appellate Committee of the House of Lords. To avoid confusion, the Supreme Court Act 1981 was renamed the Senior Courts Act 1981, and all statutory references to the Supreme Court of England and Wales were amended to refer to the Senior Courts of England and Wales. The former term "Supreme Court" did not mean the 2009 Supreme Court (which, of course, did not exist in 1981), but was shorthand for the "Supreme Court of England and Wales", called before 1981 the "Sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Writ Of Execution
A writ of execution (also known as an execution) is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court. When issuing a writ of execution, a court typically will order a sheriff or other similar official to take possession of property owned by a judgment debtor. Such property will often then be sold in a sheriff's sale and the proceeds remunerated to the plaintiff in partial or full satisfaction of the judgment. It is generally considered preferable for the sheriff simply to take possession of money from the defendant's bank account. If the judgment debtor owns real property, the judgment creditor can record the execution to "freeze" the title until the execution is satisfied. Generally, execution is unnecessary for defendants who pay verdicts against themselves voluntarily. However, some defendants ignore judgments against them, and thereby force plaintiffs to employ writs of execution to actually enforce judgments. In the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Courts Act 2003
The Courts Act 2003 (c.39) is an Act of the Parliament of the United Kingdom implementing many of the recommendations in Sir Robin Auld's (a Court of Appeal judgeReview of the Criminal Courtsin England and Wales (also known as the "Auld Review"). The White Paper which preceded the Act was published by the Home Office on the 17 July 2002 and called "Justice for All". The Act has nine parts: * Maintenance of the court system * Justices of the Peace * Magistrates' courts * Court security * Inspectors of court administration * Judges * Procedure rules and practice directions * Miscellaneous * Final provisions (technical provisions) The Act deals predominantly with criminal courts' administration, though certain sections deal with civil matters (notably creating a post of "Head of Civil Justice", enabling provisions for family procedure rules, and amendments to its civil procedure equivalent). The Act also abolished magistrates' courts committees, combining the magistrates' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act 1966
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1986
The Insolvency Act 1986 (c. 45) is an act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. History The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures. Elements of the Act were updated by the Enterprise Act 2002, which came into effect on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route,Lyndon Norley, Kirkland & Ellis International LLP and Joseph Swanson and Peter Marshall, Houlihan Lokey (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition and the allocation of a limited amount of funding released from assets, known as the "prescribed part", which could be made available to support ordinary unsecured creditors ahead of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1976
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
