Bankruptcy
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite(cognate of 'failure') is used for bankruptcy in accordance with the law.
History
Failure of John Law#39;sMississippi Company led to French national bankruptcy in 1720.
In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into 'debt slavery', until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens, which by the laws ofSolon forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise).
The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy orinsolvency. Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times.
A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, 'Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well.'[
Modern law and debt restructuring
The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business.
For private households, it is argued to be insufficient to merely dismiss debts after a certain period. It is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures need to be equally provided during this period of rehabilitation. In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor#39;s behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system. The Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years, but it does not foresee debt discharge.
It is almost
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Bankruptcy破产
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute、is used solely for cases of fraudulent bankruptcy, whereas the term faillite(cognate of 'failure') is used for bankruptcy in accordance with the law.
破产
破产程序是自然人或者其他实体不能够偿还债权人债务的合法地位。在大部分地区，破产程序法院指令实施，一般由债务人发起。
破产程序可能不仅仅是资不抵债的人申请拥有，因此术语破产和无偿还能力破产不是同义词。在一些国家，包括英国，破产仅限于自然人个体，其他破产程序（像清算和管理）则适用于公司。在美国，破产程序往往广泛用于正式的破产程序。在法国，同义词法语banqueroute是仅仅用于假破产，而术语faillite（同义失败）是依法指破产程序。
History历史
Failure of John Law#39;s Mississippi Company led to French national bankruptcy in 1720.
In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into 'debt slavery', until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens, which by the laws of Solon forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise).
历史
1720年，约翰·劳的密西西公司的失败导致法国民族破产。在古希腊，破产并不存在。如果一个人欠款且不能偿还，他和他的妻子，孩子包括仆人都要被迫成为“负债的奴隶”，指导债权人通过债务人的体力劳动收回损失。在古希腊的许多城邦规定负债奴隶5年制，并规定债奴隶的生命和肢体受到保护，而普通奴隶却没有这样的规定。然而，经常在明显苛刻的情况下，负债奴隶的的仆人在债务偿还后却被保留下来并一辈子为新主人服务。雅典是这一规定例外的，雅典法律由雅典梭伦禁止负债奴隶。所以，大多数雅典的奴隶是外国人（希腊人或者其他）。
The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency. Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times.
在英国法律中，这部1542年的破产法是最早解决破产或资不抵债的法律。在东亚，也有同样规定破产法。在马格里兹，成吉思汗的亚萨包括一个条款，任何人破产三次处于死刑。
A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, 'Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well.'[
国家破产需要证劵偿在多个场合被监督。西班牙国王菲腊二世曾将在1557、1560、1575和1596年四次申报国家破产。根据肯尼思的话：“虽然在1800之前，国际资本市场的发展相当有限，尽管如此，我们也记录法国，葡萄牙，普鲁士，西班牙，和早期的意大利城邦违约经历。。在早期的欧洲，俄罗斯，埃及与土耳其有长期违约记载。
Modern law and debt restructuring
The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business.
现代法律和债务重组
现在的破产法和商业债务重组的主要焦点不再关注于消除破产实体，而是解决债务人的金融和组织结构的财务困境，从而允许债务人的业务恢复延续。
For private households, it is argued to be insufficient to merely dismiss debts after a certain period. It is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. It h
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