Anguillan bankruptcy law regulates the positions of individuals and companies that can not fulfill their financial obligations.
Individual bankruptcy is usually referred to as "personal bankruptcy" in Anguilla, while corporate bankruptcy is referred to as "corporate bankruptcy". The law mostly deals with both of them separately, although there are some general provisions.
Video Anguillan bankruptcy law
Personal bankruptcy
Personal bankruptcy is governed under the Bankruptcy Act (Cap B.15). Under the law, a person commits a bankruptcy if he/she:
- makes the delivery or transfer of property to the trustee or trustee for the benefit of its creditor in general;
- create a fake conveyance, gift, delivery or transfer of its property, or any part thereof;
- creates his conveyance or transfer, or any part thereof, or makes any fees thereunder, which will be below or any other Act deemed void as a fraud preference if he is declared bankrupt;
- with the intention of defeating or delaying his creditors he departed from Anguilla, or out of Anguilla remained outside Anguilla, or abandoned his house of residence, or otherwise did not enter, or began to guard the house; The execution
- that has been issued to it, has been withheld by the seizure and sale of its goods being processed in an act in any court, or in any civil proceeding;
- if any court decision has been ordered by the Court to be levied on any land or mortgage, imposition or interest on or on the land;
- files in the Court constitute a statement of its inability to pay its debts, or file a bankruptcy petition against itself;
- if the creditor has obtained a final decision on him for any amount, and the execution there has never been done, and he has not, within the time provided, either comply with the conditions of notification, or satisfy the Court that he has back-demand, equal to or exceed the amount of the assessment debt;
- if the debtor gives notice to one of his creditors that he has suspended, or that he will suspend, repay his debt; or
- if the debtor has actually suspended his debt payment and gives notice to his creditors that he is bankrupt.
If any of these conditions were made, then the court may make an "accept order" (which is the name for what is usually called the bankruptcy order in Anguilla). In the making of the recipient's order, the recipient is the "recipient" of the debtor's property, and after that there is no creditor to whom the debtor owes in respect of a debt that can be proved in bankruptcy will have an improvement to the debtors in respect of the debt or will initiate any action or legal proceedings other than by the discharge of the Court, and with such provision as may be imposed by the Court. After the creditor meeting is held, and they may with a resolution of 75% of creditors in value seek to apply arrangements or compromises in relation to bankrupt debt. If the meeting is unsuccessful in applying the scheme, then the court will appoint a trustee in bankruptcy that will divide the bankrupt property between its creditors in the waiver of their claim.
Maps Anguillan bankruptcy law
Insovlency company
Anguillan's corporate bankruptcy law is currently highly fragmented, with different parts emerging in either the Bankruptcy Law (Cap B.15) or the Companies Act (Cap C.65). However, the legal matrix remains fragmentary and incomplete. There is currently no provision under Anguillan's law in relation to the bankruptcy of companies dealing with bankruptcy issues, or avoidance of dispositions after commencement of closure. Nor is there any power given to the liquidator specifically related to the challenging transactions entered into the "dusk" period that harm the body of the general creditor, but there is limited space to seek redress for such transactions outside the insolvency regime under the Act Dangerous Disposition. (Cap F.60).
However, the legislature is currently considering a comprehensive new Bankruptcy Act that will close all relevant loopholes in the law, and consolidate all related laws relating to corporate bankruptcy and personal bankruptcy into a single law.
Where the liquidator of the company is appointed (either voluntarily or by the courts), the main task of the liquidator is to collect all the assets of the company and then distribute them to the company's creditors. The law grants widespread power to the liquidator to enable him to do so. After the liquidator is appointed, the unsecured creditor can not initiate legal proceedings against the bankrupt company without the permission of the court, and any right of action against the company is converted into a claim in the liquidation process. Any property disposition by the company upon commencement of closing is void unless the court orders otherwise.
Secured creditors generally do not participate in the liquidation process, and can proceed with law enforcement action directly against their collateral in accordance with legitimate security interests.
Anguillan's Law provides for legal netting relating to financial contracts under the Netting Act (Cap N.03), and this shall apply to any other offense provisions arising by law.
Footnote
Source of the article : Wikipedia
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