The two most flexible exclusions in IRC section 108 are the bankruptcy provision and the insolvency provision
. Both of these exclusions will cover any type of debt.
108(a)(1)(B)) unless taxpayers elect to use the insolvency provision
The cross-border insolvency provisions
in the New Law apply to:
The new Insolvency Act gives priority to revival of insolvent companies as compared to the previous insolvency provisions
under the Companies Act which aimed at liquidating the companies.
These include keeping abreast of the latest developments in bankruptcy and insolvency provisions
and reforms within the nations where they trade.
The existing insolvency provisions
which are contained in Volume V of Federal Law No.
rose to EUR5.689bn at the end of June 2011 from EUR5.063bn at the close of 2010.
Cross-border insolvency provisions
have become a common feature even for
The corporate insolvency provisions
of the Corporations Act 2001 (Cth) are arguably the most important provisions of the Act and the most important set of laws governing the corporate sector.
[subsection] 732.801 and 689.21 neither define the term "insolvent" nor provide who has the burden of proof to establish the disclaimant's "insolvency." (32) No published decisions interpret the insolvency provisions
under [section] 689.21 or 732.801.
The insolvency provisions
of the Act aimed to 'make the insolvency regime more supportive of enterprise' and 'give those entrepreneurs who have failed honestly a second chance and help ensure that companies in difficulty do not go under unnecessarily'.
Grant Thornton's Cardiff-based recovery and reorganisation partner, Richard Hawes, said, 'Given the implications of the personal insolvency provisions
of the Enterprise Act which came into force on April 1, 2004, and the activity that we are seeing in the marketplace, the current dip in personal insolvency numbers is highly unlikely to progress much further.