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Lecture Fundamentals of business law (7/e): Chapter 20 - M.L Barron

Chapter 20 - Bankruptcy law. At the end of this chapter you should understand: the objectives of bankruptcy law, the advantages and disadvantages of bankruptcy from the perspective of the creditor and the debtor, how the Bankruptcy Act 1966 (Cwlth) is administered,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Bankruptcy law Chapter 20 Learning objectives At the end of this chapter you should understand: the objectives of bankruptcy law the advantages and disadvantages of bankruptcy from the perspective of the creditor and the debtor how the Bankruptcy Act 1966 (Cwlth) is administered the difference between a debtor’s petition and a creditor’s petition the term ‘acts of bankruptcy’ and give examples the steps involved in obtaining a sequestration order the property of a bankrupt that is available for distribution to creditors Learning objectives (cont.) the order in which creditors’ debts are paid the powers of the trustee, including the power to avoid antecedent transactions the procedure for discharge from bankruptcy the contrast between the bankruptcy of a debtor with alternative procedures under Parts IX and X of the Bankruptcy Act. Introduction Bankruptcy Where legal possession of a debtor’s possessions is taken for the benefit of that person’s creditors. Debtor’s property is sold and distributed fairly amongst creditors, following which the bankrupt is given a discharge of their debts. May be sought by debtor or creditor Regulated by the Bankruptcy Act 1966 (Cwlth) Objectives of bankruptcy Law To assist the debtor Will be entitled, once discharged, to make a fresh start free from the demands of creditors To protect creditors: by preventing debtors from disposing of property when bankruptcy is inevitable by distributing the debtor’s assets among creditors in the swiftest and most economical manner. Objectives of bankruptcy law (cont.) To benefit the community: by giving a debtor who is hopelessly in debt an opportunity to make a new start, rather than remain a burden on the community. by imposing limits on the capacity of a person who is an undischarged bankrupt to enter new contracts. Advantages for creditors Equitable and proportionate distribution of debtor’s assets . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Bankruptcy law Chapter 20 Learning objectives At the end of this chapter you should understand: the objectives of bankruptcy law the advantages and disadvantages of bankruptcy from the perspective of the creditor and the debtor how the Bankruptcy Act 1966 (Cwlth) is administered the difference between a debtor’s petition and a creditor’s petition the term ‘acts of bankruptcy’ and give examples the steps involved in obtaining a sequestration order the property of a bankrupt that is available for distribution to creditors Learning objectives (cont.) the order in which creditors’ debts are paid the powers of the trustee, including the power to avoid antecedent transactions the procedure for discharge from bankruptcy the contrast between the bankruptcy of a debtor with alternative procedures under Parts IX and X of the Bankruptcy Act. Introduction Bankruptcy Where legal possession of a debtor’s .