In 1970, he purchased the Seattle Pilots in bankruptcy court and renamed them the Milwaukee Brewers after minor league team of the same name he had watched in his youth, which existed until the arrival of the Braves in Milwaukee in 1952.

In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.

Following the introduction of the Enterprise Act 2002, a UK bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in court a certificate that his investigations are complete.

When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.

While the automatic stay is in place, most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue.

The court is ultimately responsible for determining whether the proposed plan of reorganization complies with the bankruptcy law.

One controversy that has broken out in bankruptcy courts since 2007 concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the ad hoc creditor's committees that play a large role in many such proceedings.

Plans must satisfy a number of criteria in order to be " confirmed " by the bankruptcy court.

If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in the best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy.

Cases involving more than US $ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding.

In addition he was forced into US bankruptcy court three times in the next 8 years.

Originating in Seattle, Washington, as the Seattle Pilots, the club played for one season in 1969 before being acquired in bankruptcy court by current MLB Commissioner Bud Selig and then moved to Milwaukee.

* 2003 – A bankruptcy court approves MCI's reorganization plans, essentially clearing the telecommunications company to exit bankruptcy.

A court judgment instructed Bryanston to pay the filmmakers $ 500, 000, but by then the company had declared bankruptcy.

* June 1 – William M. Gibbons is released as receiver and trustee of the Chicago, Rock Island & Pacific railroad, after all of its debts and creditors are paid off by order of a federal bankruptcy court.

He gained ownership from a bankruptcy court of an idle enamelware factory in Kraków, named Pierwsza Małopolska Fabryka Naczyń Emaliowanych i Wyrobów Blaszanych " Rekord ", which he renamed Deutsche Emaillewaren-Fabrik or DEF ( location ).

He was assigned to the prosecutor ’ s office in Trapani and Marsala, and then in 1978 to the bankruptcy court in Palermo.

Federal bankruptcy court petitions generally interrupt pending state court proceedings in civil matters involving the petitioner ( with select exceptions, primarily for domestic relations matters ).

This along with price-awareness and fear of bankruptcy led to a fallback in consumption which then increased job losses and decreased consumption even further.

Private companies are also able to take greater risks and then seek bankruptcy protection against creditors if those risks turn sour.

The subsequent bankruptcy of WorldCom, which quickly surpassed Enron as the then biggest bankruptcy in history ( the record is now held by Lehman Brothers and Washington Mutual ) led to a domino effect of accounting and like corporate scandals that continue to tarnish American business practices.

Creative then acquired Aureal's assets in September 2000 through the bankruptcy court with the specific provision that Creative Labs would be released from all claims of past infringement by Creative Labs upon Aureal's A3D technology.

Even then, by 1951 ABC found itself badly overextended and on the verge of bankruptcy.

This has led some commentators to refer to the bankruptcy code ’ s “ current monthly income ” as “ presumed income .” If the debtor's debt is not primarily consumer debt, then the means test is inapplicable.

In 1970 the Penn Central Railroad had collapsed in what was then the largest bankruptcy in history, resulting in a huge taxpayer bailout in 1976.

Unable to sustain the debt load incurred during Roth's tenure, Nortel filed for bankruptcy protection in 2009 and then sought to cease operations, selling off all of its business units.

In May 2010, Central Falls went into receivership, then filed for bankruptcy August 1, 2011.

Included in the 1996 annexation was the “ Foothills ” development which had previously been annexed into Riverton during the 1980s, and then later de-annexed after the original developer filed for bankruptcy.

When the large firm, cartel or de facto collusive body perceives a maximal peak has been reached in the traded asset's price, it can then proceed to rapidly sell or " dump " its holdings of this asset on the market, precipitating a price decline that forces its competitors into insolvency, bankruptcy or foreclosure.

This model was introduced at the time of Citroën's bankruptcy in 1974 and only thirteen were produced between then and 1978.

: The Chancery Master agreed that these two routes were largely mutually exclusive ; if Crowley's copyrights were not an asset in his undischarged bankruptcy, then O. T. O.

bought nothing, and could only claim through the will, under which the copyrights would have to pass ; but if the rights were an asset in bankruptcy, then Crowley had lacked any power to make O. T. O.

After its bankruptcy in 2001, the newly formed SN Brussels Airlines took over part of Sabena's assets in February 2002, which then became Brussels Airlines.

A missed tax payment then forced the company into involuntary Chapter 7 bankruptcy in 1998.

Lundberg resigned from the company ( then in bankruptcy ) on June 30, 2003.

Since then, Movie Gallery has filed for bankruptcy twice and the entire chain of stores was liquidated.

GM ( Motors Liquidation Company ) filed for bankruptcy in 2009, which tied up the outstanding claims until a court determines who gets paid.

-- New York Central Railroad president Alfred E. Perlman said Tuesday his line would face the threat of bankruptcy if the Chesapeake & Ohio and Baltimore & Ohio Railroads merge.

A closed bankruptcy may be reopened by motion of a creditor or the U. S. trustee if a debtor attempts to later assert ownership of such an " unscheduled asset " after being discharged of all debt in the bankruptcy.

Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors will accept the deal, because if they do not, the next alternative may be personal bankruptcy, where the creditors will get even less money.

Faced with declining sales and the prospect of bankruptcy if it lost, Fawcett capitulated in 1955 and ceased comics publication.

Examples of such circumstances are if the aggrieved party ( plaintiff ) is a minor, or the plaintiff has filed a bankruptcy proceeding.

An environmentally ideal plant that is shut down due to bankruptcy is obviously less sustainable than one that is maintainable by the community, even if it is somewhat less effective from an environmental standpoint.

* Song Dynasty Chinese judge and magistrate Bao Qingtian writes a memorial to the throne, warning about governmental corruption and a foreseeable bankruptcy of the Chinese iron industry, if increasingly poorer families continued to be listed on the register for iron-smelting households ( while more rich households avoid being listed for fear of financial calamity ).

Conversly, bonds are safer if the company does badly, as they are less prone to severe falls in price, and in the event of bankruptcy, bond owners are usually paid before shareholders.

Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually " senior " to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer.

Even if the debt is not secured by collateral, debt holders may still sue for bankruptcy, to ensure that the corporation's assets are used to repay the debt.

Bankruptcy trustees will check the bankruptcy petition to ensure that the petition was prepared properly, much like the trustee would do if a lawyer had prepared the forms.

A bankruptcy attorney can advise the consumer on when the best time to file is, whether they qualify for a chapter 7 or need to file a chapter 13, ensure that all requirements are fulfilled so that the bankruptcy will go smoothly, and whether the debtor's assets will be safe if they file.

If the landlord has already obtained a judgment of possession prior to the bankruptcy case being filed, a Debtor must deposit an escrow for rent with the Bankruptcy Court, and the stay may be lifted if the Debtor does not pay the Landlord in full within 30 days thereafter, § 362 ( b )( 22 ).

The decision to eliminate Pontiac was made primarily due to the increasing threat of a bankruptcy filing if the June 1 deadline could not be met.

Britain's Conservative Government was aware that Dan-Air was on the brink of bankruptcy, and wanted to avoid the collapse of another independent British airline, especially if its profile was as high as that of Virgin Atlantic.

As the main factory building sat vacant ( for nearly 10 years ), the city faced economic catastrophe and possible bankruptcy if replacement income was not found.