Bankruptcy. Part of Toles curriculum. Universidad Católica de Cuyo sede San Luis. Liquidators, Receivers, Administrators. Listening Activity on Bankruptcy.

1. BANKRUPTCY
Adela Perez del Viso. U.C.C. San Luis. Oct 2021

2. BANKRUPTCY AND INSOLVENCY
Bankruptcy is a legal process through
which people or other entities who
cannot repay debts to creditors may
seek relief from some or all of their
debts. In most jurisdictions, bankruptcy
is imposed by a court order, often
initiated by the debtor.
--Bankrupt is not the only legal status
that an insolvent person may have, and
the term bankruptcy is therefore not a
synonym for insolvency.

3. 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.

4. 01
BANKRUPTCY
AND FRAUD

5. Bankruptcy fraud is a white-collar crime. While difficult to
generalize across jurisdictions, common criminal acts under
bankruptcy statutes typically involve concealment of assets,
concealment or destruction of documents, conflicts of
interest, fraudulent claims, false statements or declarations,
and fee fixing or redistribution arrangements.
Falsifications on bankruptcy forms often constitute perjury.
Multiple filings are not in and of themselves criminal, but they
may violate provisions of bankruptcy law.

6. The words “Insolvency” and “Bankruptcy” are generally
used interchangeably in common parlance but there is
a marked distinction between the two. Insolvency and
bankruptcy are not synonymous.
The term “insolvency” denotes the state of one whose
assets are insufficient to pay his debts; or his general
inability to pay his debts. The term “insolvency” is used
in a restricted sense to express the inability of a party to
pay his debts as they become due in the ordinary course
of business.
The word “bankruptcy” is the condition of insolvency. It is
a legal status of a person or an entity who cannot repay
debts to creditors. The bankruptcy process begins with
filing of a petition in a court or before an appropriate
authority designated for this purpose. The debtor’s
assets are then evaluated and used to pay the creditors
in accordance with law.

7. 02
LIQUIDATOR,
RECEIVER,
ADMINISTRATOR

8. Liquidators and voluntary administrators are
people who are given powers to resolve
financial problems in companies where debts
are not paid. Bankruptcy trustees have the
same powers over individuals where debts
are not paid.
A Receiver works for a secured creditor (eg
bank) and is appointed over security (eg a
building) of a company or an individual. All of
these people are officially licensed people by
the government agencies and/or courts.

9. An administrator is appointed by a resolution of
the board of the company in circumstances
where the company is, or will become, insolvent
but there is a chance that a deal can be done
with creditors to ‘buy’ their support for a
proposal (called a Deed of Company
Arrangement or DOCA) to allow the company to
continue.
Once appointed, the administrator must
immediately prepare a report containing
recommendations as to whether the company
should be returned to the control of the
directors (NOT LIKELY), wound up or execute a
DOCA.

10. Administrators are required to be registered
liquidators, and by virtue of their appointment
have broad powers to deal with company
property. The appointment of an administrator
“freezes” any legal proceedings (on foot or
anticipated) against the company, and control of
the company is given entirely to the
administrator. Directors of the company are
prohibited from acting in their capacity as
directors for the duration of the administration
(at least until the DOCA is accepted by creditors
and involves their participation).

11. STATISTICS
Student Growth
To modify this graph, click on it, follow the link,
change the data and paste the new graph here
60%
40%
Student Hobbies
Sports
Books

12. STATISTICS
Student Growth
To modify this graph, click on it, follow the link,
change the data and paste the new graph here
60%
40%
Student Hobbies
Sports
Books
Bankruptcy Activity.
Listening Activity on:
https://www.youtube.com/watch?v=-9_S09ZB24I
1) The idea of Bankruptcy has been around since the time of The . . . .
2) The U.S. Constitution says that the Congress has power to pass . . . . . . . .
regarding . . .. . .
3) Modern Bankruptcy laws were passed in U.S. in . . . . . .
4) Up into the . . . . . . U.S. had debt . . . . . .
5) There are two types of Bankruptcies: for . . . . . .. and . . . .. .
6) Liquidation is under chapter . . . . . . of the Bankruptcy Code.
7) The bankruptcy Court appoints a . . . .. . to take up your . . . . .. . to pay
back the . . . . .

13. 03
Let´s revise one
webpage…

14. STATISTICS
Student Growth
To modify this graph, click on it, follow the link,
change the data and paste the new graph here
60%
40%
Student Hobbies
Sports
Books
https://www.fervor.co.nz/?gclid=CjwKCAj
w49qKBhAoEiwAHQVTo4sNWdNMYgEuN
n1E1JRn02pYtzpofCsVAvXKe1oZWfMALg
OVTtFvMhoCI0MQAvD_BwE
https://www.fervor.co.nz/?gclid=CjwK
CAjw49qKBhAoEiwAHQVTo4sNWdNM
YgEuNn1E1JRn02pYtzpofCsVAvXKe1
oZWfMALgOVTtFvMhoCI0MQAvD_Bw
E

15. 04
MANY WAYS TO
SAY “VERY”
Vocabulary.

16. STATISTICS
Student Growth
To modify this graph, click on it, follow the link,
change the data and paste the new graph here
60%
40%
Student Hobbies
Sports
Books
Instructions: Write down the many
ways to say “very “ mentioned in
the following short video:
https://www.youtube.com/watch?v=
ErXWy50FgXY

17. CREDITS: This presentation template was
created by Slidesgo, including icons by Flaticon,
and infographics & images by Freepik.
adelamperezdelviso@Gmail.com
Thanks!