Experts warn insolvencies will continue to rise after a record number of people were declared insolvent
during the second quarter of the year.
PERSONAL debt has hit an all-time high with more than 100,000 people falling insolvent
every year, says a Midland finance expert.
Section 32 continues by identifying certain circumstances in which a liquidator may avoid a preference, including if the transfer was made within four months before the filing of the petition and if the creditor receiving the transfer had reasonable cause to believe the insurer was about to become insolvent
Some courts and commentators have used a balance sheet approach, determining that a corporation is insolvent
when its liabilities exceed its assets.
Under IRC sections 61(a)(12) and 108(a), COD income is income; it simply is not included in gross income if a taxpayer is insolvent
Make claims as broad as possible--The proof of claim should be broad enough to include all possible exposures--known and unknown--that could be covered under a policy issued by the insolvent
Lloyd's has said that if the restructuring plan failed, it would be insolvent
by the end of the month.
The state of Ohio established a grain indemnity fund that helps protect farmers if a licensed grain handling facility should become insolvent
For example, if your sole asset had a FMV of $100, but was subject to $200 in liabilities you would be insolvent
Until May 1, the bank had not been found to be insolvent
by the primary regulator, and efforts were under way by new management to restructure the bank and to attract new capital.
The depositors don't care that you're insolvent
because their money is government-guaranteed.
THE rate of people going insolvent
across England and Wales is at its lowest level in a decade, according to offi-cial figures.
Figures released by the Office for National Statistics show that 1,019 people were declared insolvent
in Teesside in 2014 with Stockton seeing the most in the area with 457.
The new bill stipulates that after the passage of three years under review, the insolvent
person is relieved of all his debts and no longer deemed insolvent
, having surrendered his property, except for assets deemed necessary to him and his family.
Revenues from the federal tax are used to cover state and federal administrative costs, for loans to states with insolvent
UTF accounts, and for the federal share of unemployment benefits.