effects of financial failure Composition agreement – an agreement between debtor and creditors for the repayment of debt Debt collection- collects assets and distributes proceeds to the multiple creditors. Debtor relief – legal relief from debt Discharge- forgiving the debt. Exemption – is property that a debtor may protect from seizure by creditors. Assignment for the benefit of creditors- takes place when a debtor‚ assigns its assets to a third party in trust to sell the assets and to apply
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its object or principal conditions * by substi another in place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that right or claim) Art. 1291 Obligations may be modified by: (1) Changing their object or principal conditions; (2) Substituting the person of the debtor; (3) Subrogating a third person in the rights of the creditor. (1203) COMPENSATION
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10 Employment Laws Everyone Should Know Employers continue to make mistakes about many of the employment laws that they are faced with. In the litigious environment we are now surrounded in every mistake is potentially costly‚ both to the business itself and to managers. 1. Employment Contracts: The Terms of Employment (Information) Act 1994 provides that an employer is obliged to provide an employee with a statement in writing no later than two months after the commencement of employment containing
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Committee of the Tenth National People ’s Congress of the PRC on the twenty-third meeting of 27 August 2006‚ adopted in order to regulate bankruptcy process‚ fairness clearing debts‚ protection the legitimate rights and interests of creditors and debtors‚ safeguard the socialist market economic order‚ so make this law. Implemented on June 1st‚ 2007. To understand the importance of this new law‚ only to see it replaced the old bankruptcy law that the Department on the line. The law at the beginning
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Chapter 16 Creditor-Debtor Relations and Bankruptcy N.B.: TYPE indicates that a question is new‚ modified‚ or unchanged‚ as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. true/false questions 1. With a mechanic’s lien‚ real estate becomes security for a debt. answer: T PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. A writ of
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reorganization. In Chapter 11 the debtors are usually given the opportunity to keep their assets and continue to operate their business but this is done under the supervision of the courts. This is for the beneficial of the creditors so that they can get pay. In most cases a trustee is appointed to supervise the proceedings. Chapter 11 is one of the most flexible Chapters to do‚ in that it is the hardest to generalize and can be expensive to the debtor. It however can help the debtor to reduce the obligations
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decision however the income earned from their mini store is now the source for household expenses and other extraneous expenses. Their business runs so good but along the way their neighbor opts to have debt from their store and in which some of these debtors unable to pay. They always pay their debts in “arawan” daily. Because the couple wanted to invest more‚ they tend to have other debts from the bank or so called “senimana”. In times of inability to pay their debts‚ they also have other debts in order
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thing due 3. Condonation or remission of the debt 4. Confusion or merger of rights of creditor and debtor 5. Compensation 6. Novation I - PAYMENT OR PERFORMANCE PAYMENT means not only the delivery of money but also the performance‚ in any other manner of an obligation. How must the payment be made? 1. There must be delivery of the thing or rendition of the service that was contemplated. a. The debtor of a thing cannot compel the creditor to accept a different one although the latter may be of the
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give‚ to do or not to do.” (Art. 1156) * OBLIGATION * obligatio‚ Latin‚ means tying or binding * tie or bond recognized by law by virtue of which one is bound in favor of another to render something * duty under the law of the debtor or obligor - Civil Code * Juridical Necessity * the rights and duties arising from obligation are legally demandable and the courts of justice may be called upon through proper action to order the performance * Action
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one. 2. The debtor shall be discharged from performing the obligation if the principal prestation without his fault becomes impossible to perform‚ and the obligation cannot be performed in another prestation that does not contradict the principal one. 3. Joint Obligation A joint obligation may be defined as an obligation where there is a concurrence of several creditors or several debtors‚ by virtue which each of the creditors has a right to demand‚ while each of the debtors is bound to render
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