Bankruptcy systems differ from one country to another as a result of the development of this system over time and place, in addition to the differences in the goals that each legislator wants to achieve through organizing this unfortunate economic and business situation. In spite of that, there is still a set of basic principles that control most if not all bankruptcy systems. The importance of recognizing the principles of bankruptcy for businessmen and managers lies in enabling them to draw a picture in their minds of what will face them in the case of exposure to such risk, and in understanding the basics of dealing with others with regard to debt relations. So what are these principles of bankruptcy?
STOP THE DEBTOR FROM MANAGING AND DISPOSING OF HER/HIS MONEY
One of the most important foundations on which bankruptcy is based, is the debtor's ceasing to manage and dispose of her/his money, whether in present or future, from the date of the issuance of the judgment declaring he
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