EU and US Bankruptcy Law - Essay Example

Only on StudentShare

Extract of sample
EU and US Bankruptcy Law

The differing techniques to the stability between rights of creditors and debtors are reflected in the connection requisite to establish bankruptcy control. In the US, the connection obligatory is very small; whereas throughout the EU it has historically been much more substantial. Yet the consequences for stakeholders of all descriptions of the jurisdictional choice made by or imposed upon a debtor are in both cases enormous.
The Bankruptcy Reform Act of 1994 is the most significant change in American bankruptcy legislation since the 1978 Act according to the "Nolo website". The 1994 Act, signed into law by President Clinton on October 22, 1994, contains provisions affecting business and personal bankruptcy laws. The 1994 act also created the National Bankruptcy Commission to continue looking into needed changes in bankruptcy law.
The Amendments should expedite the administration of cases. They should also contain important revisions designed to afford consumers with more protection regarding their principal residence, collecting alimony and child support, and unscrupulous bankruptcy petition preparers.
The Bankruptcy and Abuse Prevention Act of 2003 presumes abuse based on the debtor's financial means. There is a three-prong test for an automatic presumption of abuse. ...
Download paper

Summary

Concrete systems of law conclude cultural varieties of the societies in which they operate. For instance UK is considered to be creditor-friendly authority for it floats for mandatory commence insolvency that allows providers of finance to keep them aloof from the consequences of a debtor's collapse knows nothing of debtor in possession …
Author : jschmeler

Related Essays

History of Bankruptcy and Law Practices
This concept originated from Italy where in the past bankers placed a bench in public areas which was referred to as bancus, when the banker could not continue with his business he or she would break his bench and therefore the Italians this to as bancus raptus which means broken bank. This practice was also evident in other regions example where by 1596 Spain had declared some of its four states bankrupt, in Asia individuals faced the death penalty if they became bankrupt more than three times.
...
8 pages (2008 words) Essay
European Union (EU) Law
Through proceedings, ECJ judges became deeply interested to take actions against conflicts creating depression for the transnational actors and other individuals who could claim that their rights under the Treaty of Rome were being violated by existing national law or administrative practice against national legal regimes and those actors, public and private, advantaged by national rules and practices 1.
...
12 pages (3012 words) Essay
EU Constitutional Law
The frustration with integration theories was due to, first, the scope of the study of integration, second, the participants who were effectively engendering integration and third, the process or mechanism of integration. This approach indicated the importance of certain factors, which had been omitted in the initial assessment. Despite, rejection by the intergovernmental conference, the proposed introduction showed that the Convention's aim was to vitalize the idea of democracy. The democratic constitution of the European Communities was considered unimportant and unnecessary by many scholars...
13 pages (3263 words) Essay
EU Law Case Studies
Astrid, Klaus's wife, had every right to apply for a job as an estate agent. The fact that Astrid was discriminated against because she did not pass a Spanish language test in Spain-although she had completed and passed a similar test in Germany-is illegal because member EU states must treat other EU member citizens equally.4
...
8 pages (2008 words) Case Study
US - EU
Educational institutions-explicitly including universities-are not philanthropic islands of abstract debate. This maxim of the German President is borne out by this colloquium, for this is not merely an 'abstract debate'. And there can be no talk of an 'island', either, for this is a cross-border, joint meeting of SUERF and the CFS. Incidentally, the motive is the exchange of knowledge with the financial community including central banks, thus avoiding all suspicion of insular ivory-tower erudition. There can be no doubt that the financial community will likewise benefit from an exchange of...
17 pages (4267 words) Essay
EU Law
Charles clearly falls under this head. The next step would be for him to establish that the Directive is “clear, negative, unconditional, containing no reservation on the part of the Member State and not dependent on any national implementing measure,: Alfons Lütticke GmbH v. Hauptzollamt Saarlouis [1966] relied on in Van Duyn v Home Office [1974]. Whilst we do not know the precise wording of the Directive we can deduce the phrase “prohibit discrimination in the workplace on the grounds of age” meets the criteria for the Directive to be directly applicable.
...
10 pages (2510 words) Essay
EU LAW
We will begin with a concise yet comprehensive overview of the European Union and will thoroughly address the evolution of the EU following the collapse of state-led communism in Eastern Europe. The European Union has undergone a variety of changes in the aftermath of the fall of the Soviet Union including expansion to the east through the Maastricht Treaty and proposed institutional change through the Treaty of Lisbon.
...
12 pages (3012 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!