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EU and US Bankruptcy Law - Essay Example
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 …
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. ...