Heroes without a clause

Article Abstract:

Provisions of the Bankruptcy Act do not protect bankruptcy trustees from frivolous lawsuits. Although trustees are appointed by courts to administer the estate of companies that filed for bankruptcy, they are often the target of lawsuits from creditors of the failed enterprise. Additionally, they are usually unjustly held responsible for environmental damages caused by the company's previous management. The Bankruptcy Act at present does not protect trustees from such occurences. Amendments to the law should be made to make commercial reorganizations effective.

Trusts, not elsewhere classified, Bankruptcy trustees

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Going for broke: so many people these days are declaring personal bankruptcy, even in the midst of an expanding economy. Are they doing it out of necessity or choice?

Article Abstract:

The declaration of personal bankruptcy by an increasing number of individuals is a result of the rise in consumer credit availability, job losses in the 1989-1993 recession and the corruption of the trustee profession of the personal bankruptcy procedure. Canadians, as a whole, are still a conservative lot in terms of personal bankruptcy filing, with statistics showing only 2.7 out of 1000 Canadians filing for bankruptcy, compared to 4.7 per 1000 in the US. Personal bankruptcy filing should be done as a last recourse for personal insolvency.

Personal Bankruptcies, Social aspects, Analysis, Personal finance, Bankruptcy

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Discipline in the marketplace

Article Abstract:

Effective bankruptcy law is vital in building a strong economy. Developed countries in Asia believe that the economic crisis in the region was caused by currency speculators. However, corruption, capitalism and the lack of effective insolvency laws are among the factors that brought about financial distress. An effective insolvency law consists of several important elements such as complete disclosure of the debtor's financial affairs.

Reporting & Disclosure, Financial statements

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