• 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

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

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

    Business may produce organisational charts for several reasons. First, it is important that a company reviews its organisational structure on a regular basis to take account of any changes in the business environment. A formal organisational chart helps the company to identify where changes need to be made and to

  1. Thorpe Parks history.

    Individuals can make advanced bookings. This helps us to build up a profile of our guests and their requirements. The sales and admission system is called Omni Ticket Network. OTN have supplied all the hardware apart from the hard drives, VDU screens and key boards, which are standard hardware made by Compaq.

  2. business plan and organise event

    that it is not to congested in the room that the tournament is taking place. 3:45pm 2nd Game Begins Chetan, Michael The Second game will begin. Looking back at the tournament timetable to see who is playing. 4:00pm 3rd Game Begins Chetan, Michael The third Game will begin.

  1. The purpose of this document is to define the Context of Cain Motors Information ...

    This phase would therefore include the following artifacts: * System implementation - ensuring environment is available and sufficient for the requirements (i.e. hardware, network etc) * Training materials and end-user manuals - completed from construction phase * Beta testing of system with subset of users There are several ways of implementing the change over to the new system.

  2. Customer Service Assingnment

    This show that when a customer approaches the counter and the feed back they receive from an employee is important as soon as a customer walks in the supermarket they expect everyone to be helpful in order for them to receive information of a product or to find a product,

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

    They need labour, they need people to design, make and sell the products, and they also need people to over see all these processes. They need capital, this is an item that is used in the process of making the product and not needed for its own sake.

  2. The history behind the Boots.

    These are described as Autocratic Lassiez-faire and democratic. From looking into the way that the staff and managers work together it would appear that Boots follow the democratic relationship between staff and managers. In being a democratic business the main aspect is that it is people orientated. This means that staff and managers work together to reach targets.

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