In the US, the main design defects are in bankruptcy law, which exempts derivatives and repos from most regular bankruptcy constraints.

Compared with the original bankruptcy code, the 2006 code is firmly rooted in the needs of a market economy.

Judges untrained in corporate law and accountancy, for instance, may not be the best arbiters in bankruptcy cases.

Second, bankruptcy reform is needed to allow homeowners to write down the value of their homes and stay in their houses.

This institution should be an international version of the US Chapter 11 Bankruptcy Code.

Moreover, the Bankruptcy Law, the Company Law, and the Securities Law should be well coordinated and mutually reinforcing.

The package can, however, prepare the ground by modifying bankruptcy law as it relates to principal residences.

It also won't allow Puerto Rico to restructure its debt or change the fact that the island can't benefit from US Bankruptcy Law.

Bankruptcy Comes to China

So that's bankruptcy.

Moreover, the US bankruptcy code can free consumers of their debt within months.

Sami declared bankruptcy.

Down and Out in Athens and Brussels

The Republican proposal is to modify the bankruptcy code, creating special provisions for large, complex financial institutions. There are three problems with this approach.

Some people would scream that this is tantamount to nationalization, but it is no more a nationalization that the US Chapter 11 bankruptcy process is.

Global Economic Cooperation or Bust

Banks were on the verge of bankruptcy and nationalization.

For some, low prices would render them insolvent.

Mama, I try so hard to keep you romantic.

Given the central role of financial intermediation in the current crisis, the government should instead expedite the restructuring process through bankruptcy law.

The Bankrupt Theology of Financial Deregulation

As the economy improves, failure is less likely.

It's the IMF Sovereign Bankruptcy Plan, OK?

There are no quick processes in economics except decline.

Bankruptcy should allow local governments to renegotiate their bond debt and, perhaps, their retired employees pension and health care costs (that s up to a bankruptcy judge).

Bankruptcy laws were amended to introduce a system of partial indentured servitude.

A number of countries have implemented reforms to bankruptcy law.

If such negotiation cannot be achieved voluntarily, US firms can use Chapter 11 of the bankruptcy code, under which a court supervises and approves the reorganization of liabilities.

Any settlement should also include the banks explicit agreement that they will support modifying America s bankruptcy law to enable inclusion of mortgages in the usual court run processes.

Short of a miracle, Greece looks close to insolvency.

Employed in the civil division as president of the bankruptcy division and the civil petition chamber.

People are going to throw us out if we don't solve this problem of hunger and being broke.

The only reasonable alternative is to make large, complex financial institutions smaller and less complex so that it is possible for them to fail under standard bankruptcy rules. This is the intent of Dodd Frank.

The government should have been prepared to place AIG into reorganization under Chapter 11 of the US bankruptcy code and force the derivative parties to take the desired haircut.

That is why, for domestic debt disputes, countries have bankruptcy laws and courts.

As the downturn deepens, several countries may, for example, face bankruptcy.

With these sacrifices, Greece did avoid bankruptcy and the eurozone avoided a collapse.

Or consider bankruptcies and defaults by households and firms.

They remain badly in need of protection from the threat of insolvency.

Despite communism s ideological bankruptcy, China has not changed in this regard.

At the same time, in bankruptcies, it is important to safeguard productive assets.

When this new bankruptcy law was passed, no one complained that it interfered with the sanctity of contracts at the time borrowers incurred their debt, a more humane and economically rational bankruptcy law gave them a chance for a fresh start if the burden of debt repayment became too onerous.

A Bill entitled An Act to Amend the Money Laundering Act

In a domestic setting, bankruptcy and default are common.

Most public sector industries have been near bankruptcy until saved by competition and privatization.