Bankruptcy is a disaster of Titanic proportions
Article Abstract:
Among the provisions of Britain's Insolvency Act of 1986 are the shortening and simplification of adjudication procedures; elimination of the acts of bankruptcy; and removal of the doctrines of relation-back and reputed ownership. The Act enables bankrupts to make private, binding agreements with creditors with little government involvement. Persons who cooperate with official bankruptcy proceedings receive automatic discharge three years later. Other provisions are more severe, however. The possibility of bankrupt persons losing their homes has increased. The Act also defines as fraud an attempt to sell or otherwise transfer personal property, five years retroactively. The courts will have increased powers to attach a bankrupt's future earnings. It is vital to make voluntary arrangements allowed by the courts, with the assistance of a good accountant.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
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The failure roll-call
Article Abstract:
There are 10 common reasons why businesses fail. Companies can go bankrupt because they are undercapitalized, they experience cash flow problems due to overextension of credit or poor collection, their tax obligations have accumulated, they have failed to collect payments, or they have lost the support of their financial backers. Bankruptcy can also result when entrepreneurs know little about the business and are unprepared for its challenges, when they fail to consider the financial consequences of their activities, when they sign long-term property leases that turn out to be too burdensome, and when they fail to effectively manage the various stages of corporate growth. Business failure can also be caused by unfavorable market conditions.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1997
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A question of control
Article Abstract:
Methods of avoiding and controlling debt caused by late or non-payment are discussed. Credit checks of unknown customers, limits on the amount of credit given and systematic debt collection practices are examined.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
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