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Understanding Bankruptcy and Insolvency

This quiz explores various aspects of bankruptcy and insolvency, including historical cases, legal terms, and implications of insolvency proceedings across different countries.

#bankruptcy #insolvency #law #economics #financial literacy #history

1 In ________, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses, and therefore the number of insolvencies is quite low.

2 Only individuals can become bankrupt; insolvent companies go into ________ or administration (see administration (insolvency)).

3 In France, company insolvencies rose by more than 4%, in ________ by more than 10%, and in Greece by more than 20%.

4 Debtors may now retain occupational ________ while in bankruptcy, except in rare cases.

5 A person can also be made bankrupt after a creditor's petition results in the making of a sequestration order in the ________.

6 Spain became the first ________ in history to declare bankruptcy.

7 Instead a model “________” was adopted as a local rule by the district courts.

8 [2] The Year of Jubilee is announced in advance on the ________, or the tenth day of the seventh Biblical month, in the forty-ninth year by the blowing of trumpets throughout the land of Israel.

9 Although the constitutionality of the “Emergency Rule” was under constant attack, the Supreme Court consistently denied ________.

10 According to al-Maqrizi, the Yassa of ________ contained a provision that mandated the death penalty for anyone who became bankrupt three times.

💡 Interesting Facts

  • most urban water service providers in Peru can be considered bankrupt as water bills are often not paid.
  • the bankruptcy of property fund owner William Stern with debts of £118 million led directly to the creation of Britain's first Policyholders' Protection Act in 1975.
  • the Bank of New England went bankrupt in 1991, but its liquidation is still in progress.
  • the Philadelphia Civic Opera Company started in 1924, but went bankrupt after the Wall Street Crash of 1929.
  • after Pacific States Lumber went bankrupt in 1939, the company town of Selleck, Washington, was sold for US$3,000.
  • after Leander Clark College went bankrupt and merged with Coe College, an heir of the school's namesake sued to have his donation returned.
  • David Hoadley restructured management of the Panama Railway so that it avoided bankruptcy and finished its track a year early.
  • Henry Paget, known as "the dancing Marquess", inherited his peerage at the age of 23 and spent so much on clothes, jewelry and parties that he went bankrupt with debts of £544,000 at the age of 28.
  • IMS Associates, Inc. became one of the earliest successful personal computing companies, before going bankrupt in 1979 after just six years.
  • James A. Forbes planned to build the first flour mill in California, but delays in construction allowed competitors to flourish, driving down prices and forcing him into bankruptcy.
  • Computer Usage Company was the first company devoted to developing computer software in 1955, but went bankrupt in 1986.
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