Bankruptcy is a statutory proceeding with detailed procedures and requirements. The bankruptcy filing that I believe is most appropriate for Peter is Chapter 13 bankruptcy. To be eligible for Chapter 13 bankruptcy, the individual must owe unsecured debts less than $383,175 and secured debts of less than $1,149.525 and have a regular income. Peter has regular income because he is employed as an electrician. Chapter 13 works with consumer debtors to develop a plan to repay debt. In Peter’s case, Chapter 13 would allow him to make a payment plan in order to pay back his two main debts, his auto repair costs and the mortgage payments. If the court approves Peter of a payment plan, Peter may then pay the debts in the installment specified by the
The plaintiff (Southern Prestige Industries, Inc.) initiated an action against the defendant (Independence Plating Corp.) in a North Carolina state court for a breach of contract. The plaintiff alleged that defects in the defendant’s anodizing process caused the plaintiff’s machine parts to be rejected by Kidde Aerospace. The defendant being a New Jersey corporation and having its only office and all of its personnel situated in the state filed a motion to dismiss citing lack of personal jurisdiction. The trial court denied the motion and the defendant appealed arguing that there were insufficient contacts to satisfy the due process of law requirements
| 21 |LO 4 |Basis for inherited property: community property vs common law | |Unchanged | 21 |
10. Dan hires Eve to perform at Dan 's Club, but Eve later breaches the agreement to accept a higher-paying job at First Star Arena. Dan files a suit gainst Eve. The court will most likley: award damages to Dan.
M international (M) and W Inc (W) decided to enter a long term litigation, due to a patent rights violation. M being the demandant and W the respondent. Not enough information was provided in relation to the charges or the patent.
BIS did not breach duty of care because according to "N.Y. GOB. LAW 18-105: NY Code -Section 18-105: Duties of skiers" 10-11, each skier shall have the duty not to willfully stop on any slope or trail where such stopping is likely to cause a collision with other skiers or vehicles and to yield to other skiers when entering a trail or starting downhill. Craig neglected his duty to both.
• What is a case interview? The Case Interview • What specific skills does it assess? • How to prepare for a case interview? • An interactive example.
What is the implied average collection period for the end of March? For the end of June?
3. Freddie Mac was one of the government-sponsored enterprises, it delay to report its earnings report because of an accounting scandal that conduct it to restate earnings in November covering the years 2000 through 2002 which had understated them by $5billion. The company delayed making financial reports after 2002 and promised to release the 2003 earnings report by 30 June so it had time to rebuild its accounting systems. It promised to release 2003 earnings by June 30. Freddie Mac reported the earnings report had earned $4.89 billion last year down from $10.09 billion in 2002 and expected 2003 profit of $5.90 a share. Reflecting the consequences of the $5 billion restatement due to the management had ignored accounting rules to hide earnings
In some cases, when the company seeks financing from landers, it gets committed to maintain certain financial ratios as set specified by the landing party. This commitment of maintaining the ratios is referred to as “Debt covenant”. This agreement works like a benchmark for the company that it has to achieve the set ratios within. Assessing the company’s position thru these ratios is important to ensure future repayment capability for the loan. In case of not achieving the same, which is called as “technical default” the landers are entitled to immediately clam their loan or increase the interest rate. Basic financial covenant are: return on asset ratio, equity ratio, interest coverage, current ratio, earnings management per share, and so on.
Harman promise to pay in 1999 to 2006 and he also signed a personal guaranty for the note which Carter Oaks Crossing defaulted. McAfree later sue them under the guaranty which the guaranty was not part of the bankruptcy filing. So, no the obligations under the guaranty have been discharge in the bankruptcy, as Harman claimed.
Canadian law for bankruptcy and insolvency are different from the ones from other countries. The lawyers looking after these cases are often specialized in these laws that are in practice in Canada. Taneja Law is fortunate to have some of the best Bankruptcy and Insolvency Lawyers who can meet the laws laid down in the Canadian Law books. Our lawyers work in favor of both business owners and common people in Canada who face the charges of bankruptcy and insolvency.
Olley v Marlborough Court Ltd [1949] 1 All ER 127 (UK Court of Appeal), Reg Glass Pty Ltd v Rivers Locking Systems Pty Ltd (1968) 120 CLR 516 (High Court)
Loans at the time were nonamortizing and required a balloon payment at the expiration of the term. Mortgages were available to a limited client base, with home ownership representing about 40 percent of U.S. households. Many of these short-term mortgages went into default during the Great Depression as homeowners became unable to make regular payments or find new financing to pay off balloon payments that became due. The United States government intervened in the housing market in 1932 with the creation of the Federal Home Loan Bank (FHLB). The FHLB provided short-term lending to financial institutions (primarily Savings and Loans) to create additional funds for home mortgages. Congress passed the National Housing Act of 1934 to further promote homeownership by providing a system of insured loans that protected lenders against default by borrowers. The mortgage insurance program established by the National Housing Act and administered by the Federal Housing Administration (FHA) reimbursed lenders for any loss associated with a foreclosure up to 80 percent of the appraised value of the home. With the risk associated with default on FHA-backed mortgage loans reduced, lenders extended mortgage loan terms to as long as 20 years and LTVs of 80 percent. In 1938, Federal National Mortgage Association (FNMA) was established
6/2/16 – a meeting was held with Shane, in the presence of his Union Representative, Tom Brice, to discuss the allegation that he violated DOT&PF’s Unauthorized Expenditures/Purchases P&P #10.01.022, when he purchased meals while traveling for work on May 16 - 17, 2016.
Enclosed is a copy of “Group Assignment” about the understanding of CDOs. This report is aim to critically examined how CDOs may help banks to avoid liquidity risk and create more assets, and also problems in term of the purpose of CDOs, the role of three mechanisms in CDOs and problems faced in CDOs. After that, it discusses how CDOs created problem for Lehman Brothers by analysis subprime mortgage crisis. Finally, this report provides some recommendations for making the CDOs as effective liquidity risk