Part of The Student Room Group

  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
    • View my saved documents

    Bankruptcy - Legal Aspects of Business Law.

    Extracts from this document...

    Introduction

    Bankruptcy Legal Aspects of Business Law Professor Wright December 10, 2003 When most people hear the term bankruptcy it sends an over-lining shock to there system. And this is immediately followed by feelings of pity or sorrow for the individual or individuals that are experiencing the ordeal. But like other legal terms, bankruptcy has been getting a bad reputation that needs to be better clarified or defined. Bankrupt as defined in the text means "the state or condition of one who is unable to pay his debts as they are, or become, due". This basically means that he or she is not able to accumulate the necessary funds to pay off a debt or bill that is past due. Straight bankruptcy in the text means "the nature of a liquidation proceeding and involves the collection and distribution to creditors of all the bankrupt's nonexempt property by the trustee in the manned provided by the act". This statement means that a person's assets are analyzed and further steps are taken to better define what is exempt and nonexempt property wise. According to the Legal Information Institute there are two basic types of Bankruptcy proceedings, "A filing under Chapter 7 is called liquidation. ...read more.

    Middle

    This statement offers a sense of stability to their customers so that they wont lose any more customers later on down the line. Dozens of Internet and telecommunications companies have went under but some like Global Crossing keep operating their networks without interruption. Michael St. John's states, " I think there will be some disruption but it will be pretty localized as companies decide what they want to do in light of the bankruptcy". St. John also states, " At least for the next three months or so you'll have companies deciding they don't want to worry about WorldCom and moving off their system" " If WorldCom actually goes out of business the disruptions will be a bit more major". Essentially St. John is stating that the bankruptcy with WorldCom is not going to have such an adverse affect on the customers but if they go out of business then there will be a major problem. And in the event that something does happen with WorldCom's network very few large companies would be affected if that does take place. Meeks states, " Most companies have contingency plans, in the form of redundant connectivity contracts, in case their primary network goes down. ...read more.

    Conclusion

    I touched on the terminology, the different types, what kind of question are generally asked, a company called WorldCom and their bankruptcy issues and personal bankruptcies within American today. And personally I feel that I have a better understanding of bankruptcy and a more visual concept of what bankruptcy really means. It is not a term that sends fear to business owners instead it is a tool that can more useful than hurtful. Most businesses today use bankruptcy as a tool or in other words another chance to start over and fixed and past mistakes that may have contributed to their downfall. Some companies survive after bankruptcy and others fall apart into further debt. To me the companies that do succeed represent "the phoenix" which is a Greek bird that dies in the fire but is reborn again because of that same fire that took it life. This means that bankruptcy can be seen as another chance to be successful. And for those that can figure out the formula to success despite a previous downfall the benefits can be beyond comprehension. What I have learned from the articles I read and the book is that bankruptcy can be used as an advantage or disadvantage depending on the individuals experience in the wide world of business. Wilson 1 ...read more.

    The above preview is unformatted text

    This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

    Found what you're looking for?

    • Start learning 29% faster today
    • 150,000+ documents available
    • Just £6.99 a month

    or


    Not the one? Search for your essay title...
    • Join over 1.2 million students every month
    • Accelerate your learning by 29%
    • Unlimited access from just £6.99 per month

    See related essaysSee related essays

    Related AS and A Level ICT in Business essays

    1. For my business report I am investigating the Co-op erative society supermarket.

      * Providing financial information on business performance to managers and stakeholders * Paying the staff and employees wages/salaries * Dealing with the businesses debtors and creditors * Dealing with payments to suppliers * Making sure the invoices received from suppliers match the goods supplied to the business Preparing accounts: Co-op

    2. E-commerce in Business Companies of Bangladesh.

      problems to Bangladesh, had already adopted an EDI solution from GXS to integrate ELVIS with their own internal systems. This solution, based on GXS's EDI*EXPRESSSM Service, a secure, reliable document exchange service, and Application Integrator(tm), a powerful, intuitive mapping and application translation tool, has been proven to establish real-time electronic communications between textile exporting countries and USCS.

    1. The law relating to organ transplantation

      Such a system is ethically and morally justified. 2 Dead Donors Presumed Consent Historically doctors were thought reluctant to ask families of the deceased about the possibility of donating their relative's organs. However, Gentleman et al. found that in fact request rates were reasonably high such that the belief that

    2. business plan and organise event

      This path takes 14 days and so our whole project can be done in 14 days. The other paths take about 8-10 days but can be done while the critical both is ongoing 4.0 - Staging of event This section is going to go through a detailed breakdown of what

    1. In this coursework I need to produce a detailed business report on one medium-sized ...

      Human resources management (HRM) elevates the effective use of a business's labour force to an issue to be considered by senior managers as an essential element of the organisation's strategy. This approach has raised the profile (and salaries) of those employed in human resource management.

    2. Fusions Acquisitions: Compaq - HP Merger.

      the best interests of HP and its shareowners and approved the merger agreement. Before making the decision to approve the merger agreement, the HP board of directors consulted with HP's management, and HP's legal counsel about the legal terms of the merger, HP's business consultants about the strategic aspects of

    1. Customer Service Assingnment

      Customer characteristics would include the following:- AGE CHARATERISTICS CUSTOMERS EXPECT SAINSBURY RESPONSE 0 -5 year old and over Expect a good product, Provide good communication, equipment, service Teenagers Expect good quality product Receipts, good condition of product Good communication, more gifts, special offers, excellent service Middle age Expect easy car parking, Discount and value.

    2. In this report I intend to create a detailed report of Tesco's.

      Tesco's is gradually becoming bigger and bigger they are already selling in over 6 European countries and around 6 different countries in Asia, they are trying to increase these to make Tesco a even bigger multi national corporation. As well as expanding into other countries Tesco is also expanding into new ranges such as clothes furniture finance and mobile phones.

    • Over 160,000 pieces
      of student written work
    • Annotated by
      experienced teachers
    • Ideas and feedback to
      improve your own work