bankruptcy ordinance

简明释义

破产条例

英英释义

例句

1.Legal advice is crucial when navigating the bankruptcy ordinance process.

在处理破产条例程序时，法律建议至关重要。

2.The bankruptcy ordinance allows individuals to discharge certain debts after a specified period.

该破产条例允许个人在规定时间后免除某些债务。

3.Under the bankruptcy ordinance, creditors must be notified of the proceedings.

根据破产条例，必须通知债权人有关程序。

4.The judge approved the reorganization plan under the bankruptcy ordinance.

法官批准了根据破产条例提出的重组计划。

5.The company filed for protection under the bankruptcy ordinance to restructure its debts.

该公司根据破产条例申请保护，以重组其债务。

作文

The concept of bankruptcy ordinance is pivotal in the realm of financial law, particularly for individuals and businesses facing insurmountable debt. A bankruptcy ordinance refers to a legal framework established by a government that outlines the procedures and rules for declaring bankruptcy. This ordinance serves as a guideline for both creditors and debtors, ensuring that the process is conducted fairly and transparently. In many jurisdictions, the bankruptcy ordinance provides a systematic approach for individuals or companies to either liquidate their assets or reorganize their debts under court supervision. Understanding the significance of a bankruptcy ordinance requires an appreciation of its role in protecting the rights of debtors while also safeguarding the interests of creditors. When a debtor files for bankruptcy under the provisions of the bankruptcy ordinance, they are granted relief from their debts, allowing them to start afresh financially. This legal protection prevents creditors from pursuing aggressive collection tactics, such as wage garnishments or asset seizures, during the bankruptcy proceedings.Moreover, the bankruptcy ordinance typically encompasses various forms of bankruptcy, including Chapter 7 and Chapter 11 in the United States. Chapter 7 bankruptcy allows for the liquidation of non-exempt assets to pay off creditors, while Chapter 11 focuses on reorganization, allowing businesses to continue operating while restructuring their debts. Each type has its own set of rules and implications, which are clearly outlined in the bankruptcy ordinance.The process begins when a debtor files a petition with the bankruptcy court, accompanied by detailed financial disclosures. This transparency is crucial as it enables the court to assess the debtor’s financial situation accurately. The bankruptcy ordinance mandates that all relevant information, including income, expenses, assets, and liabilities, be disclosed to ensure equitable treatment of all parties involved.Furthermore, the bankruptcy ordinance plays a significant role in determining the outcome of bankruptcy cases. It sets forth the criteria for eligibility, the timeline for proceedings, and the responsibilities of both debtors and creditors throughout the process. For instance, under the bankruptcy ordinance, a debtor must attend credit counseling sessions before filing for bankruptcy, which helps them understand their financial situation and explore alternatives to bankruptcy.In conclusion, the bankruptcy ordinance is an essential legal instrument that facilitates the orderly resolution of insolvency issues. By providing a structured process for debt relief, it not only aids individuals and businesses in overcoming financial distress but also promotes fairness and accountability in the credit system. As such, understanding the bankruptcy ordinance is crucial for anyone navigating the complexities of debt management and financial recovery. Whether you are a debtor seeking relief or a creditor looking to protect your interests, familiarity with the bankruptcy ordinance can significantly impact the outcome of financial disputes and the overall health of the economy.

破产条例的概念在金融法领域中至关重要，特别是对于面临无法偿还债务的个人和企业而言。破产条例指的是由政府设立的法律框架，规定了申报破产的程序和规则。该条例为债权人和债务人提供了指导，确保整个过程公正透明。在许多司法管辖区，破产条例提供了一种系统的方法，使个人或公司能够在法院监督下清算资产或重组债务。理解破产条例的重要性需要认识到它在保护债务人权利和维护债权人利益方面的作用。当债务人在破产条例的规定下申请破产时，他们获得了债务减免的救济，使他们能够在财务上重新开始。这种法律保护防止债权人在破产程序期间采取激进的追讨手段，如工资扣押或资产没收。此外，破产条例通常涵盖各种形式的破产，包括美国的第7章和第11章。第7章破产允许清算非豁免资产以偿还债权人，而第11章则侧重于重组，允许企业在重组债务的同时继续运营。每种类型都有其自身的规则和影响，这些都在破产条例中明确列出。这一过程始于债务人向破产法院提交申请，并附有详细的财务披露。这种透明度至关重要，因为它使法院能够准确评估债务人的财务状况。破产条例要求所有相关信息，包括收入、支出、资产和负债，都必须披露，以确保所有相关方得到公平对待。此外，破产条例在确定破产案件的结果方面发挥着重要作用。它规定了资格标准、程序时间表，以及在整个过程中债务人和债权人的责任。例如，根据破产条例，债务人在申请破产之前必须参加信贷咨询会议，这有助于他们了解自己的财务状况并探索破产替代方案。总之，破产条例是一个重要的法律工具，它促进了无力偿债问题的有序解决。通过提供结构化的债务减免程序，它不仅帮助个人和企业克服财务困境，还促进了信贷体系的公平和问责。因此，理解破产条例对于任何在债务管理和财务恢复复杂性中航行的人来说都是至关重要的。无论您是寻求救济的债务人，还是希望保护自己利益的债权人，熟悉破产条例都可以显著影响财务争端的结果以及经济的整体健康。