The history of bankruptcy law begins with the first legal solution available for debt recovery. Bankruptcy is the legal status of a legal person who can not pay the debt.
Video History of bankruptcy law
Dunia kuno
In Ancient Greece, bankruptcy did not exist. If a man is in debt and he can not pay, he and his wife, children or servants are forced to "engage in debt bondage", until creditors recover losses through their physical labor. Many city-states in ancient Greece restricted debt slavery until a five-year period and debt servants had the protection of life and limbs, not enjoyed by ordinary slaves. However, the debtor's servants may be detained beyond that time limit by creditors and are often forced to serve their new masters for life, usually in much harsher conditions.
In Judaism and Torah, or the Old Testament, every seventh year is established by the Mosaic Law as the Sabbatical year in which the release of all debts held by members of the Jewish community is mandated, but not of "infidels". The seventh, or forty-nine-year Sabbath, followed by another Sabbatical year known as the Year of Jubilee where the release of all debts is mandated, to fellow members of the community and to foreigners, and the release of all debt slaves is also mandated. The Jubilee Year was announced earlier on the Day of Atonement, or the tenth day of the seventh month of the Biblical, in the forty-ninth year by a horn blast throughout the land of Israel.
In the teachings of Islam, according to the Qur'an, people who are incapable of being considered have been allowed to pay their debts. It is noted in the second chapter of the Quran (Sura Al-Baqarah), verse 281, which notes: "And if a person is in trouble, then let there be a delay until an easy time." But if you give from your right as a charity , then it's better for you, if you only know. "
Maps History of bankruptcy law
Medieval
The Law of the Middle Ages discussed extensively the provisions to reduce the severity of the debtor's punishment. Most commentators allow a debtor to be dismissed and make a fresh start, after handing over to his creditors all his goods (or perhaps all his goods except for a few empty needs). These provisions then affect English law.
Bankruptcy is also documented in East Asia. According to al-Maqrizi, Yassa of Genghis Khan contains provisions that mandate the death penalty for anyone who becomes bankrupt three times.
Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. Spain became the first sovereign state in history to declare bankruptcy.
Renaissance England
Some legal forms for bankruptcy can be seen again in Ancient Babylon. In Britain, the first recognized legislation section is the Statute of Bankrupts 1542. Bankrupts are seen as criminals, and the Law states its purpose to prevent "cunning debtors" from fleeing the kingdom. A more humane approach developed in Bankrupts Act 1705. Lord Chancellor was given the power to free the banks, once the disclosure of all assets and procedures has been met. In Fowler v Padget Mr. Kenyon reiterated the old sentiment that "Bankruptcy is considered a crime and bankruptcy in the old law is called the perpetrator."
Bankruptcy is seen as a bond with its creditors. Under the Insolvent Debtors (England) Act 1813, debtors may request a release after 14 days in jail by taking an oath that their assets do not exceed Ã, Â £ 20, but if any creditor object, they must remain inside. The attitude changed, however, and the Bankrupts (UK) Act of 1825 allowed people to start the process for their own bankruptcy, in accordance with creditors. Previously only creditor could start the process. The bankruptcy proceedings agreed between creditors and debtors also occur when a trader submits a bankruptcy statement at the office of the Chancellor's Secretary of Finance, which is then advertised. The advertised declaration supports the commission in bankruptcy to be issued. A law was subsequently enacted, stating that no commission based on this bankruptcy act should be "considered invalid because the reasons for the declaration have been agreed or agreed between the insolvent and the creditors or others." (Bankrupts (UK) Act 1825, sections VI and VII). Voluntary bankruptcy is not permitted until 1849. (Consolidated Act of the Bankruptcy Act 1849, section 93 (1849)).
In the mid-19th century, attitudes toward the company also changed rapidly. Since the South Sea Bubble disaster, companies are seen as inefficient and dangerous. But with the industrial revolution in full swing that changed. The Joint Stock Companies Act 1844 allows people to create companies without permission through a royal charter. The company has a "separate legal personality", ability to sue and sue, and serves as an easy mechanism to increase capital through the purchase of shares (fair title) in the capital of the company. The fair consequence of the Act, to bring the existence of these "legal persons" to an end is the Joint Stock Companies Winding-Up Act of 1844. The Limited Law of Obligations of 1855 resulted in further innovations. Previously, if the company had gone bankrupt, those who lend money (creditors) could sue all shareholders to pay off the company's debt. But the 1855 Act says that shareholder liability will be limited to the amount they pay for their shares. The Joint Stock Companies Act 1856 consolidates corporate legislation in one, and the modern law of corporate bankruptcy is born. Finally, the Act of Bankruptcy 1869 was passed that allowed everyone, not just merchants who filed for bankruptcy.
- Debtor prison, Fleet Prison, Marshalsea Prison, King's Throne Prison, Debt Recovery Act 1869
- Charles Dickens, Difficult Time , Mr. Micawber at David Copperfield
Modern developments
United States
See also
- The British bankruptcy law
Note
References
- Articles
- JC Coffee, 'What's wrong? Initial investigation of the causes of the 2008 financial crisis' (2009) 9 (1) Journal of Corporate Law Studies 1
- L Levinthal, 'Initial History of Bankruptcy Law' (1918) 66 (5) Law Review of the University of Pennsylvania 223
- L Levinthal, 'Early History of English Bankruptcy' (1919) 67 (1) University of Pennsylvania Law Reviews 1
- I Treiman, "Escape from the Creditor in the Middle Ages" (1927) 43 The Quarterly Review Act 230
- Report
- Report of the US Bankruptcy Law Commission, H.R. Doc. 93-137, 93d. Cong., 1st Sess., Part I (1973), reprinted in B Collier on Bankruptcy, Application. Pt. 4-308 - 4-311 (revth to 15th Ed.)
Source of the article : Wikipedia
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