...The Four Musicians of Bremen In the story a donkey, a dog, a cat, and a rooster, all past their prime years in life and usefulness on their respective farms, were soon to be discarded or mistreated by their masters. One by one they leave their homes and set out together. They decide to go to Bremen, known for its freedom, to live without owners and become musicians there. On the way to Bremen, they see a lighted cottage; they look inside and see four robbers enjoying their ill-gotten gains. Standing on each others backs, they decide to perform for the men in hope of gaining food. Their 'music' has an unanticipated effect; the men run for their lives, not knowing what the strange sound is. The animals take possession of the house, eat a good meal, and settle in for the evening. Later that night, the robbers return and send one of their members in to investigate. It is dark and he sees the eyes of the Cat shining in the darkness. He reaches over to light his candle, thinking he sees the coals of the fire. Things happen in quick succession; the Cat swipes his face with her claws, the Donkey picks up his hooves and kicks him, the Dog bites him on the leg, and the Rooster crows and chases him out the door, screaming. He tells his companions that he was beset by a horrible witch who scratched him with her long fingers (the Cat), a man with a knife (the Dog), a monster who had hit him with a club (the Donkey), and worst of all, the devil who screamed from the rooftop (the Rooster)...
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...Destination: LAUNDROMAT Clue card reads:It doesn’t take LOADS of brains for this place to be found,Though this clue might take you round and round.Driving down Maple St this place can be seen,You will go in feeling dirty, but come out feeling clean. | | The answer is a laundry mat located on Maple Street, of course you’ll replace the street name with the one in your own town. Before the party talk to the owner and ask if you can use one dryer for a few hours. If they agree, collect a bunch of funky clothes to have waiting for the teams in the dryer when they arrive. You can put together your own set of funky clothes. We used 3 pair of extra large sweat pants, 5 goofy extra large shirts, 1 sweater, 2 knitted winter hat, 1 baseball cap, 2 scarves, and a pair of thick gloves. Have the challenge details card taped to the outside of the dryer door so they know what they are looking for. On the note they will find the challenge: Each player must put on all of the articles in this dryer AT ONCE and have their picture taken. When everyone is finished with the task your team will receive the next clue. DETOUR!! Detour clue card reads:You are on your way to winning this race,Hopefully this detour won’t slow your pace.From two challenges you must choose,Make sure to choose wisely and you can’t lose! | | The challenge details read: Ok players, here are the two challenges, remember you only have to complete one. You also have the option of changing your mind at any point and...
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...you save your response as you complete each question. | Question 1 (1 point) All but one of the following is a purpose of bankruptcy legislation: Question 1 options: | To allow rehabilitation of debtors. | | To punish recalcitrant debtors. | | To bring about a quick distribution of the debtor’s property among creditors. | | To fairly divide the assets among creditors. | Save Question 2 (1 point) Ken loaned Barb $8,000 and took back a note secured by Barb's car. If Barb files for bankruptcy when the value of the car is $4,500, what is Ken's status? He has a(n): Question 2 options: | secured claim for $4,500. | | unsecured claim for $4,500. | | secured claim for $8,000. | | unsecured claim for $8,000. | Save Question 3 (1 point) All but which one of the following would be exempt from bankruptcy under the federal law? Question 3 options: | $500 received in child support. | | A $10,000 truck. | | A $200 cashmere sweater. | | A $300 cocktail ring. | Save Question 4 (1 point) Which of the following debts would be discharged in bankruptcy? Question 4 options: | Property taxes on a beach house. | | Alimony payments past due. | | Consumer credit loans for a stove. | | Student loans maturing one year prior to bankruptcy filing. | Save Question 5 (1 point) A trustee in bankruptcy may avoid which of the following? Question 5 options: | Fraudulent transfers. | | Both fraudulent transfers and voidable preferences...
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...Adelphia Communications’ Bankruptcy Bankruptcy The case talks about the situation Adelphia went through after the governance problem and fraud they had that led them to bankruptcy. Adelphia being a family owned company; by April 2005 they decided to sell out the remaining assets of the company to the one of the other 3 big cable companies; Time Warner, Comcast and Cablevision; each one of them offered different amount in the bid, nevertheless the company had to analyze how certain each offers were, how probable was any of them to pull out the offers as well as what to do with the money they would get in case the judge let them do the sell. Family Control Adelphia was founded and managed by Rigas family, the case talks about how the company after 1985 decided to go public in order to acquire the capital investment to expand and become one of the biggest cable providers in the country. Nevertheless the Rigas family managed to keep almost full control of the company by keeping special type stocks with decision making power in the board. The company kept being managed by the funding family as well as the family keeping some of the cable assets for themselves in separate private partnerships and continuing to buy properties privately as well as for the company. The case explains how the privately owned assets of the family were managed by already-public Adelphia Corp by some management agreements and with this the expenses of such assets were consolidated with the expenses...
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...On April 14th, 2005, the United States House passed a business sought bankruptcy bill with a 302-126 vote, while the Senate had passed it on March 10th, with a 74-25 vote. Bankruptcy reform was initially introduced in 1998, but had difficulty in getting passed until now. This bill is a huge victory for credit card companies and retailers, but will undoubtedly affect millions of Americans in a negative manner (www.onlin.wsj.com/20050415). The bill is the first major change to the bankruptcy laws in twenty-seven years (www.pbs.org/3.25.05). The bill will make it harder for consumers to eliminate their debt with the use of bankruptcy. There are now new restrictions and a “means-test”, which determine if consumers can have their debts erased by Chapter 7 bankruptcy or Chapter 13 bankruptcy. The bill also makes attorneys liable for any inaccuracies in their clients’ bankruptcy filings. This bill has several controversial issues associated with it and will be explained later, along with the actual provisions of the bill. To understand the controversy, one must first understand what bankruptcy is and the difference between Chapter 7 and Chapter 13 bankruptcy filings. Chapter 7 bankruptcy is a liquidation proceeding in which the debtor turns over all of their non-exempt property to a bankruptcy trustee who converts it to cash to pay off the creditors. Within four months, the debtor is usually relieved of all obligations. In many cases, the debtor has no assets to lose, so Chapter...
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...Introduction A company is an entity that is treated as a legal person by the government. However, it is not as easy as it seems to operate a company. There are many challenges that companies face during the course of their operations. Depending on the degree of the problem, some companies are likely to wind up. Before understanding how a company can be wound up, it is important to understand how to form a company and what types of companies exist. Formation of a Company A company can be formed in numerous ways. To be specific, the main concentration shall be placed on formation of a company by registration. Registered companies are formed by registration under the Companies Act CAP 388. This is the most common way of forming a company. According to Section 13 of the Companies Act, There are two main types of companies; public company and private company. Private companies are divided into three different types. A private company limited by shares; a company limited by guarantee and an unlimited company. Types of Registered Companies A private company limited by shares, usually called a private limited company (Ltd.) has shareholders with limited liability and its shares may not be offered to the general public, unlike those of a public limited company (plc). It is a company whose liability to creditors of the company is limited to the capital originally invested, i.e. the nominal value of the shares and any premium paid in return for the issue of the shares by the company...
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...MASENO UNIVERSITY ABA 302:- COMPANY LAW WINDING UP DAVE LUNG’AHO SIGANGA This is the legal process by which a company’s legal existence is brought to an end. It is carried through by a person known as a liquidator who wraps up the company operations by taking control of the Company, collecting the company’s assets, pays the Company’s debts, and then distributes the surplus among the members of the company. The liquidation process involves inter alia; A] Settling the list of contributories B] Collecting the company’s assets; C] Paying the company’s debts and other liabilities D] Distributing the surplus assets among other contributories Priority of Payment 1. Liquidators/ official receivers fees 2. Expenses incurred by the liquidator/ official receiver 3. Petitioner’s expenses 4. Preferential debts 5. Unsecured Creditors 6. Repayment of share capital as per the Company’s Articles of Association 7. The residue will be distributed to the members of the Company Relevant Law The process of winding up is governed by the Company Act Chapter 486 Section 212 [1] provides that the winding up may be either; A] A compulsory winding up by the court or 1 B] A voluntary winding up, which may be either a member’s voluntary winding up, or a creditors voluntary winding up; or C] A winding up subject to the supervision of the High Court. Who may petition? a) The Company Itself: - The Company may by special resolution commence winding up proceedings. It is a Company decision to wind up, not a...
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...1, What are the key strategic issues that Avery needs to consider? What are his options? Avery got a few options regarding key strategic issues he needs to consider. He could grow the company and enter into other segments of the business. This segment would be the plastics containers that would have potential. Other option is whether to acquire Continental Can Canada or not. The company generates $400 million in sales per year and it is the largest manufacturer in the Canadian region. That does not seem a whole lot. However, Continental’s USA business has estimated revenues of $1.3 billion which would double the size of Crown’s domestic operations. Also, Continental’s European operations generated estimated sales of $1.5 billion. Potential bidders for the acquisition are the major competitors of CCS. Avery is concerned about both options because they both have pros and cons. Entering the plastic can business segment would have the following pros: • Entering a new business segment, great for diversification • Decreasing shipping cost because of lighter weight • Made of natural resources • Plastic material can easily be formed/shaped Entering the plastic business segment would have the following cons: • Unknown business territory, no experience • Carbonation leaks after 4 month – major issue • Cannot be fully recycled Acquiring Continental Can Canada would have the following pros: • Double in size domestically, increase market share rapidly • Plastic container line...
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...transferred to KCB and then to third parties. The plaintiff's claims against the second, third and fourth defendants have previously been withdrawn. Plaintiff claimed against the first defendant for damages for breach of fiduciary duty as a director of the plaintiff's company. The trial of the case began on 21 March 2005. While the present case of trial still ongoing, Plaintiff applied to obtain a leave of Bankruptcy to proceed against the first defendant pursuant to Bankruptcy Act 1967 on 23 January 2007 who had hear adjudged as bankrupt on 11 July 2005.The case call up for continued hearing on 30 March 2007. The first defendant counsel inform the court that he had applied to the Director General of Insolvency for sanction pursuant to s 38(1)(a) of the Bankruptcy Act to defend the action and to retain Messrs David Lingam & Co as his solicitors and Mr. David Lingam as his counsel. On 13 September 2007, Encik Zahari who represented the Director General of Insolvency and Encik Sadacharam Raman as amicus curiae applied for an adjournment for sanction pursuant to s 38(1)(a) of the Bankruptcy Act due to proper application for sanction was submitted late by first defendant. Secondly, the first defendant was unwell to attend court. The plaintiff learned counsel, Cik Tricia Mallika Appaduray, opposed the application for adjournment and directed the trial to proceed, however the trial as concluded and issued directions for the filing and serving...
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...rights to assure the securities’ transferability and rapid judicial resolution of claims for nonpayment.2 To further attenuate risk, investors insisted on foreign laws to govern substantive terms of the securities. By the late 1990s, as various Argentine issuers began defaulting on their obligations, these bondholder rights and protections were tested. It soon became apparent that bondholders were far more vulnerable than originally thought. Highly-publicized reorganization proceedings undertaken by Argentine bond issuers, including In re Central Términal Güemes S.A.3 and In re Supercanal S.A.4, illustrated procedural difficulties encountered by bondholders. Investors found themselves hampered in having their claims admitted by Argentine bankruptcy courts and in being represented as a group by a bondholder trustee or fiscal agent. No case, however, better illustrates the great divide between the expectations of foreign creditors and the outcome of an Argentine insolvency proceeding than In re Sociedad Comercial del Plata S.A.5 Of Counsel, Negri & Tejeiro Abogados (Buenos Aires, Argentina). The author wishes to give special thanks to Dr. Alejandro Breit for his invaluable help and patience in reviewing this article and to Stephanie de Moerloose for her comments and help with the more tedious tasks. This publication has been prepared solely for educational purposes. It provides general information and should not be used or taken as specific legal advice. For further information...
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...What is Enron? Until its decline into bankruptcy in 2001, Enron was the United States’ seventh-largest corporation. Enron grew from a natural gas pipeline company into a trading and marketing giant, moving first into the business of acting as a broker between energy suppliers and buyers, then expanding its role as a broker of non-energy transactions, and later adding a variety of diverse investments to its portfolio. Enron was a leading advocate of restructuring energy markets in the United States and the largest player in the energy trading business. What led to Enron’s collapse? The company’s most recent troubles can be traced to revelations in October 2001 of massive amounts of unreported debt and steep losses incurred in non-energy and oversees energy partnerships established between Enron and other companies. In accounting arrangements now under investigation by the Securities and Exchange Commission, Enron for several years had kept the debt and losses off its balance sheet. When these losses and the level of debt became known, the marketplace lost confidence in Enron; shareholders sold the stock and credit agencies slashed the company’s credit ratings. In addition, domestic trading partners required increasing amounts of collateral due to Enron’s impaired credit-worthiness. This drained Enron’s cash reserves, forcing them to take on more debt, creating a death spiral. By the end of November 2001, credit agencies had downgraded Enron’s debt to “junk”...
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...INTEROFFICE MEMORANDUM OF LAW To: Maria Thomas-Jones From: Charsalynn GerSan Mitchell Date: Case: In the Matter of the Marriage of Pastran Office File Number: 01.0925031 Docket Number: Cause No. DF-09-21848 RE: The pending bankruptcy matter as it relates to the finalization of Mrs. Pastran’s divorce. ______________________________________________________________________________ STATEMENT OF ASSIGMENT I have been asked to prepare a memorandum of law discussing how Mrs. Pastran’s bankruptcy issues will, if at all, affect the property division in her pending divorce matter. QUESTION PRESENTED Whether the family court can effect a just and right division of the community estate of Mr. and Mrs. Pastran which includes the marital residence, given that Mrs. Pastran is currently involved in a Chapter 13 Bankruptcy matter and the marital residence is included in the bankruptcy estate? FACTS Mr. and Mrs. Pastran were married in ______ 200X. In December 2003, Mrs. Pastran purchased the marital residence at 309 Shelly Circle in Irving, Texas 75060. In October 2006, Mrs. Pastran filed a Chapter 13 Bankruptcy petition and the marital residence was included in her bankruptcy estate. On December 2009, Mrs. Pastran filed for divorce in the Dallas Family Court under Cause No. DF-09-21848. Now there is a final trial pending in the divorce matter and the marital residence is apart of the community property estate of the parties. BRIEF ANSWER Yes. The...
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...Chapter 11 bankruptcy allows a business to remain in operation while reorganizing its structure and debt. According to the Fried Law Firm, unlike a chapter 7 bankruptcy, which requires total liquidation and a cease in business activities, the company can continue normal operations. In addition, the company in all likelihood will be able to continue paying employee salaries, pensions, and health benefits. Chapter 7 bankruptcy is sometimes also called liquidation bankruptcy. Firms experiencing this form of bankruptcy are past the stage of reorganization and must sell off any un-exempt assets to pay creditors. In chapter 7, the creditors collect their debts according to how they loaned out the money to the firm .A trustee is appointed who ensures that any assets that are secured are sold and that the proceeds are paid to the specific creditors. Chapter 11 is much more involved than Chapter 7 bankruptcy as it enables the firm to reorganize its debt and to try to re-emerge as a healthy organization. An advantage of Chapter 11, if one is able to meet all of the statutory requirements, is that there is no set limit on a plan's duration. Chapter 11 plans often provide for debtors to make payments to creditors over a period of three to five years. The bankruptcy court can confirm a Chapter 11 plan with a longer term, however, if one requires more time to make required payments. A typical Chapter 7 bankruptcy case is opened and closed within three to six months, and the person filing...
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...Insolvency Proceeding in Nepal – A case of Nepal Development Bank (NDB) The day when court orders for liquidation of a company, it is the most miserable day for it. But such a harsh decision is taken only after deep investigation of the case. All the possible methods are adopted to protect the company before the decision of dissolution is taken. Like in other countries, Nepal’s Insolvency Act 2006 also emphasizes to protect the company from liquidation. We have taken a real liquidation case of Nepal Development Bank (NDB) as an example to correlate with Insolvency Act 2006. NDB was a Class – B banking institution under the regularization of central bank – Nepal Rastra Bank (NRB). During the early years of establishment itself, NDB was trapped into a severe financial crisis. Being a regularizing body, NRB stepped in to rescue NDB but was unsuccessful. Finally, NRB decided liquidation of NDB. Generally practiced steps related to the insolvency are provided below and major proceedings held in case of NDB are linked with them as follows. 1. Administration When a company is trapped into financial trouble, either it voluntarily tightens its administration or the regulating body gets hold of it. This is first and most safe step to protect a company from dissolution or liquidation. The major objective behind holding the administration is to rescue the company from financial difficulties. In case of NDB, NRB took over its administration and try to rescue and revive for five years...
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...000+10,000) (60,000+7,000+2,200) (70,000+10,000+6,000) STCL -$5,000 $2,000 $2,000 -$2,000 (9000-4000) (5000-3000) (7000-5000) (12000-10000) LTCL $1,000 -$11,000 $1,200 -3,500 (6000-5000) (21000-10000) (2200-1000) (9500-6000) 5-50) Michigan should lower the cost in order to offset the losses. By them bankrupt they don’t have anything that is worthy of someone purchasing. In turn, they can gift each business to another person or company in order to get rid of them and not have anything else to do with the losses. They are giving them the extra raw materials as well. In turn, the new parties can turn the businesses around and hopefully allow the businesses to make money. They still have to deal with the bankruptcy, so they can keep what stock they have and once the businesses turn around they can conclude what’s due, if anything due to the...
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