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 .
97-568: The Cambria Somerset Authority (CSA) was formed in 1999, in anticipation of acquiring water interests and related land properties of Manufacturers Water Company , a subsidiary of Bethlehem Steel Corporation . Transfer of ownership occurred in August, 2000. The CSA now owns and manages 5,200 acres (21 km) in Cambria County and Somerset County Pennsylvania, including managing recreation, conservation, open space and water supply uses of
194-562: A Statement of Affairs document, also known as a Bankruptcy Form, with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding
291-500: A bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received. After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held
388-515: A bankruptcy law ( ley concurs ) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge. In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if
485-686: A brief time. The United States Shipbuilding Company was in turmoil; its subsidiaries, including the Bethlehem Steel Company, contributed to the United States Shipbuilding Company's problems. Schwab again became involved with Bethlehem Steel Company through the parent company, the United States Shipbuilding Company. The United States Shipbuilding Company planned in 1903 to reorganize as the Bethlehem Steel and Shipbuilding Company, which would be
582-519: A consequence, most Athenian slaves were foreigners (Greek or otherwise). The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency . Bankruptcy is also documented in East Asia . According to al-Maqrizi , the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of
679-439: A debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U.S. Trustee. In some countries, such as
776-410: A debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject
873-613: A debtor with debts to a maximum of $ 250,000 (not including the mortgage on their principal residence). If debts are greater than $ 250,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act . An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are virtually the same although the terms are not interchangeable). A Proposal Administrator
970-455: A fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the Bankruptcy and Insolvency Act of Canada. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $ 1,000 in debt. In 2011,
1067-639: A lawsuit was filed in the Third Circuit Court of Appeals in Philadelphia . The case, Lawrence Hollyfield, Fiduciary to the Estate of Collins Hollyfield v. Pension Plan of Bethlehem Steel Corporation and Subsidiary Companies, was settled in favor of Hollyfield in 2001. It led to a class action lawsuit filed by Bethlehem Steel's workers union soon thereafter. This settlement led to PBGC assuming all Bethlehem Steel pension obligations, representing
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#17328016753901164-547: A loss of $ 1.5 billion, attributable to increased foreign competition, rising labor and pensions costs, and other factors. The company filed for bankruptcy in 2001 and final dissolution in 2003 when its remaining assets were sold to International Steel Group . In 1857, what ultimately became Bethlehem Steel was launched as the Saucona Iron Company in Bethlehem, Pennsylvania by Augustus Wolle. That same year,
1261-424: A loss of US$ 1.5 billion and shut down much of its operations. The company's profitability returned briefly in 1988, but restructuring and shutdowns continued through the 1990s. In the mid-1980s, demand for the plant's structural products began to diminish and new competition entered the marketplace. Lighter construction styles, due in part to lower-height construction styles, such as low-rise buildings, did not require
1358-427: A nation to meet bond repayments has been seen on many occasions. In a similar way, Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France , Portugal , Prussia , Spain , and the early Italian city-states. At
1455-487: A naval appropriations bill that authorized the construction of two armored second-class battleships, one protected cruiser, one first-class torpedo boat, and the complete rebuilding and modernization of two Civil War-era monitors. The two second-class battleships, the USS ; Texas and the USS Maine , both had large-caliber guns with 12-inch and 10-inch, respectively, and heavy armor plating. Bethlehem secured both
1552-402: A period of five years; debt slaves had protection of life and limb, which regular slaves did not have. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens , which by the laws of Solon forbade enslavement for debt; as
1649-465: A person bankrupt by compulsory procedure. Basically, these obligations are derived from the legal acts of the court, transactions, the obligation of the debtor to pay taxes, duties, and other fees defined by law. At the same time, when being declared bankrupt with a voluntary bankruptcy application, the applicant bears the obligation to prove the fact that the value of his assets is less than his assets by one million AMD or more. In Australia, bankruptcy
1746-931: A presence in Latin America for roughly a century (1880s - 1980s). As such, the company profited greatly from the United States’ economic control over the region. “In a single year, 1960, U.S. Steel and Bethlehem Steel realized a greater than 30 percent profit on their Venezuelan iron investment, and this profit equaled all the taxes paid to the Venezuelan state in the decade since 1950” Bethlehem Steel also relied on Latin American mines for manganese , an additive for tensile strength. During President Eurico Dutra’s presidency in Brazil (1946 - 1951), Bethlehem Steel received 40 million ton of manganese “for 4 percent of
1843-433: A reduction of 8.6% over 2010. Some of the duties of the trustee in bankruptcy are to: Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes: In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve
1940-408: A result, the company encountered difficulty when it faced rising pension costs combined with diminishing profits and increased global competition. By the 1970s, imported foreign steel was proving cheaper than domestically produced steel, and Bethlehem Steel faced growing competition from mini-mills and smaller-scale operations that could sell steel at lower prices. In 1982, Bethlehem Steel reported
2037-552: A single one of which was for 50,000 tons of steel, went to competitors in Seattle, St. Louis, New York and Illinois. U.S. global leadership in steel manufacturing lasted about two decades during which the U.S. steel industry operated with little foreign competition. Eventually however, foreign firms were rebuilt with modern techniques such as continuous casting , while profitable U.S. companies resisted modernization. Bethlehem experimented with continuous casting but never fully adopted
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#17328016753902134-566: A subsidiary of the Bethlehem Steel Corporation, though the Bethlehem Steel Company also had subsidiaries of its own. Bethlehem Steel Corporation became the second largest steel provider in the United States. Both the Bethlehem Steel Company and the Bethlehem Steel Corporation existed simultaneously after 1904 until the 1960s, when the two companies were merged into the Bethlehem Steel Corporation. From 1906 until it
2231-491: A team of assistants, applied a series of management principles established by Taylor, which would later come to be known as scientific management and was used in increasing mass production. The Bethlehem Iron Company was very successful and profitable, and the corporate management of the Bethlehem Iron Company believed that it could be even more profitable. To accomplish that goal, the corporate ownership of
2328-730: Is a white-collar crime most typically involving concealment of assets by a debtor to avoid liquidation in bankruptcy proceedings. It may include filing of false information, multiple filings in different jurisdictions, bribery, and other acts. 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. In
2425-400: Is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. The Extrajudicial Restructuring ( Recuperação Extrajudicial ) is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts. Bankruptcy, also referred to as insolvency in Canada, is governed by
2522-408: Is a payment period of three years; however, the court reserves the right to increase or decrease the period depending upon the circumstances of the case. If the debtor has no proven financial ability to pay the creditors, he may be granted an immediate discharge. Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model. In May 2016,
2619-561: Is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966 . Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 . If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order . Acts of bankruptcy are defined in
2716-559: Is above a certain threshold. If the bankrupt fails to pay, the trustee can ask the Official Receiver to issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further three or five years. Bankruptcies can be annulled, and the bankrupt released from bankruptcy, prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes
2813-515: Is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators. In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals. In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as
2910-508: Is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed
3007-557: Is subject to the retention limits under the Privacy Act. How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazil , the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with
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3104-459: Is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future. While not technically a form of bankruptcy, businesses with $ 5M or more in debt may make use of the Companies' Creditors Arrangement Act to halt all debt recovery efforts against
3201-400: Is to liquidate company assets and pay its creditors. The second one is Court-ordered Restructuring ( Recuperação Judicial ). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It
3298-574: The American Civil War , the U.S. Navy quickly downsized after the end of hostilities as national energies were redirected toward settling the West and rebuilding the war-ravaged South. Almost no new ordnance was produced, and new technology was neglected. By 1881, international incidents highlighted the poor condition of the U.S. fleet and the need to rebuild it to protect U.S. military capabilities, trade, and prestige. In 1883, U.S. Secretary of
3395-571: The Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12. The office of the Superintendent of Bankruptcy , a federal agency , is responsible for ensuring that bankruptcies are administered in
3492-1154: The Chrysler Building , the Empire State Building , Madison Square Garden , Rockefeller Center , and the Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago . Among major bridges, Bethlehem steel was used in constructing the George Washington Bridge and Verrazzano-Narrows Bridge in New York City, the Golden Gate Bridge in San Francisco , and the Peace Bridge between Buffalo and Fort Erie, Ontario . Bethlehem Steel played an instrumental role in manufacturing
3589-596: The Lackawanna Steel Company , which included the Delaware, Lackawanna and Western Railroad and extensive coal holdings. During World War I and World War II , Bethlehem Steel was a major supplier of armor plate and ordinance to the U.S. armed forces, including armor plate and large-caliber guns for the U.S. Navy, and was influential to U.S. victories in both wars. Bethlehem Steel "was the most important to America's national defense of any company in
3686-536: The Panic of 1857 , a national financial crisis, halted the company's further organization. But the organization subsequently restarted, its site was moved elsewhere to South Bethlehem , and the company's name was changed to the Bethlehem Rolling Mill and Iron Company. On June 14, 1860, the board of directors of the fledgling company elected Alfred Hunt president. On May 1, 1861, the company's title
3783-804: The Parliament of India passed the Insolvency and Bankruptcy Code (IBC), updating outdated corporate insolvency laws. The IBC streamlined the process, reducing delays from a decade to 180 days, and replaced the Board for Industrial and Financial Reconstruction (BIFR) with a market-driven approach. Dutch bankruptcy law is governed by the Dutch Bankruptcy Code ( Faillissementswet ). The code covers three separate legal proceedings. Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing
3880-700: The United Kingdom , bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration ) are applied to companies. In the United States , bankruptcy is applied more broadly to formal insolvency proceedings. In some countries, such as in Finland, bankruptcy is limited only to companies and individuals who are insolvent are condemned to de facto indentured servitude or minimum social benefits until their debts are paid in full, with accrued interest except when
3977-420: The Bethlehem Iron Company switched to steel production, and the company's name was formally changed to Bethlehem Steel Company. In 1899, Bethlehem Steel Company was established. This was the first company to carry the name Bethlehem Steel. Bethlehem Steel Company, also then known as Bethlehem Steel Works, was incorporated to take over all liabilities of the Bethlehem Iron Company. The Bethlehem Iron Company and
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4074-570: The Bethlehem Steel Company gained control of all properties from the Bethlehem Iron Company and the Bethlehem Iron Company ceased operations. Schwab transferred his ownership of the Bethlehem Steel Company to the U.S. Steel Corporation , the company of which he was president. This period was brief; Schwab repurchased Bethlehem Steel Company, then sold it to the United States Shipbuilding Company . The United States Shipbuilding Company owned Bethlehem Steel Company only
4171-433: The Bethlehem Steel Company were separate companies under the same ownership. The Bethlehem Steel Company leased the properties that were owned by the Bethlehem Iron Company. In 1901, Charles M. Schwab (no relation to the stockbroker Charles R. Schwab ), purchased the Bethlehem Steel Company and made Samuel Broadbent its vice president. During this time, the company's lease with the Bethlehem Iron Company came to an end as
4268-549: The Enforcement and Collection Authority. Insolvency proceedings above NIS 150,000 individual debtors file the documents will be conducted before the official receiver (the Insolvency Commissioner) and, if a creditor want to file against a debtor, he needs to open process, before the magistrate's court that hears in the district. Company bankruptcy will be conducted before District Court. Simultaneously, with
4365-593: The Navy William E. Chandler and U.S. Secretary of War Robert Todd Lincoln appointed Lt. William Jaques to the Gun Foundry Board and Jaques was sent on several fact-finding tours of European armament makers. On one of these trips, he formed business ties with the firm of Joseph Whitworth of Manchester , England. He returned to the United States as Whitworth's agent and, in 1885, was granted an extended furlough to pursue this personal interest. Jaques
4462-518: The Superintendent of Bankruptcy reported that trustees in Canada filed 127,774 insolvent estates. Consumer estates were the vast majority, with 122 999 estates. The consumer portion of the 2011 volume is divided into 77,993 bankruptcies and 45,006 consumer proposals. This represented a reduction of 8.9% from 2010. Commercial estates filed by Canadian trustees in 2011 4,775 estates, 3,643 bankruptcies and 1,132 Division 1 proposals. This represents
4559-486: The Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further three or five years depending on the type of Objection. The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as protected assets . These include household furniture and appliances, tools of
4656-814: The U.S. warships and other military weapons used in World War I and later by the Allied forces in ultimately winning World War II . Over 1,100 Bethlehem Steel-manufactured warships were built for use in defeating Nazi Germany and the Axis powers in World War II. Historians cite Bethlehem Steel's ability to quickly manufacture warships and other military equipment as decisive factors in American victories in both world wars. Bethlehem Steel's roots trace to an iron-making company organized in 1857 in Bethlehem, which
4753-443: The U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy , which is not a criminal act since it creates a real (not a fake) bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not
4850-649: The United States. Its primary steel mill manufacturing facilities were first located in Bethlehem, Pennsylvania and later expanded to include a major research laboratory in Bethlehem, Pennsylvania, and plants in Sparrows Point, Maryland, Johnstown, Pennsylvania, Lackawanna, New York, and its final and largest site in Burns Harbor, Indiana. The company's steel was used in the construction of many of America's largest and most famed structures. Among major buildings, Bethlehem produced steel for 28 Liberty Street ,
4947-494: The administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available. For
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#17328016753905044-550: The armor plate for warships, and one-third of the big cannon forgings for the U.S armed forces were turned out by Bethlehem Steel. Steel is an alloy made up of iron and carbon, with additional minerals added depending on its use. In the 20th century, sourcing the necessary minerals in the United States was significantly more expensive than supplying them from elsewhere. Bethlehem Steel is just one of several U.S. companies to have sourced iron from Latin America. Bethlehem Steel held
5141-497: The business. For private households, it is important to assess the underlying problems and to minimize the risk of financial distress to recur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation (Refiner et al. , 2003; Gerhardt, 2009; Frade, 2010). In most EU member States, debt discharge
5238-621: The company produced rails for the rapidly expanding railroads and armor plating used by the U.S. Navy . The company continued to prosper during the early 1880s, but its share of the rail market began to decline in the face of competition from growing Pittsburgh and Scranton -based firms, such as the Carnegie Steel Company and Lackawanna Steel . The nation's decision to rebuild the Navy with steam-driven, steel-hulled warships reshaped Bethlehem Iron Company's destiny. Following
5335-458: The company while they formulate a plan to restructure. The People's Republic of China legalized bankruptcy in 1986, and a revised law that was more expansive and complete was enacted in 2007. Bankruptcy in Ireland applies only to natural persons . Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency. Irish bankruptcy law has been
5432-459: The construction trades. Galvanized sheet steel under the name BETHCON was widely produced for use as duct work or spiral conduit. The company also produced forged products for defense, power generation, and steel-producing companies. From 1949 to 1952, Bethlehem Steel had a contract with the U.S. federal government to roll uranium fuel rods for nuclear reactors in Bethlehem Steel's Lackawanna, New York plant. Workers were not aware of
5529-614: The consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. A consumer proposal can only be made by
5626-452: The court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt. All creditors, including the state and municipalities, to whom the person has an obligation that meets the above-mentioned minimum criteria can submit an application to declare
5723-581: The court decides to show rare clemency by accepting a debtors application for debt restructuring , in which case an individual may have the amount of remaining debt reduced or be released from the debt. In Argentina the national Act "24.522 de Concursos y Quiebras" regulates the Bankruptcy and the Reorganization of the individuals and companies, public entities are not included. A person may be declared bankrupt with an application submitted to
5820-481: The dangers of the hazardous substance and were not given protective equipment. Some workers have since attempted to receive compensation under a year 2000 radiation-exposure law. The law required the U.S. Labor Department to compensate workers up to $ 150,000 if they developed cancer later in life, provided their work history involved enough radiation exposure to significantly increase their cancer risk. Bethlehem Steel workers have not been awarded this compensation because
5917-401: The debtor believes the asset has a net value . This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if
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#17328016753906014-499: The duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets. If the bankrupt does not comply with
6111-621: The early 1900s, Samuel Broadbent led an initiative to diversify the company. The corporation branched out from steel, with iron mines in Cuba and shipyards around the country. In 1913, under Broadbent, Bethlehem Steel acquired the Fore River Shipbuilding Company of Quincy, Massachusetts , assuming the role of one of the world's major shipbuilders. In 1917, it incorporated its shipbuilding division as Bethlehem Shipbuilding Corporation Ltd. In 1922, Bethlehem Steel purchased
6208-415: The edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well." 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
6305-527: The emergency vessel SS Sinclair Superflame at the Fore River Shipyard in Quincy, Massachusetts . In 1946, Bethlehem Steel signed a contract with mining company LKAB to contribute to the recovery of the post-World War II recovery of the iron ore industry in northern Sweden . Following end of World War II, the Bethlehem Steel plant continued to supply a wide variety of structural shapes for
6402-462: The end of 1995, Bethlehem Steel closed steel-making at its main Bethlehem plant. After roughly 140 years of metal production in Bethlehem, Bethlehem Steel ceased its Bethlehem operations. Two years later, in 1997, Bethlehem Steel Corporation ceased shipbuilding activities in an attempt to preserve its steel-making operations. In 2001, however, Bethlehem Steel filed for bankruptcy and, in 2003, the company dissolved. In 1998, after denied pension benefits,
6499-440: The exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies. Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy
6596-692: The factory floor and in the company offices. After the war, female workers were promptly fired in favor of male counterparts. On Liberty Fleet Day , September 27, 1941, then U.S. President Franklin D. Roosevelt was present at the launching of the first Liberty ship SS Patrick Henry at Bethlehem Steel's Bethlehem Fairfield Shipyard in Baltimore . Also launched the same day were the Liberty SS James McKay at Bethlehem Sparrows Point Shipyard in Sparrows Point, Maryland , and
6693-608: The father of the U.S. Steel Industry, accompanied Bethlehem Iron directors Robert H. Sayre , Elisha Packer Wilbur, president of Lehigh Valley Railroad , William Thurston, and Joseph Wharton , founder of the Wharton School of the University of Pennsylvania , to meet with Jaques in Philadelphia . In early 1886, Bethlehem Iron and the Whitworth Company executed a contract. In the spring 1886, Congress passed
6790-453: The forging and armor contracts on June 28, 1887. Between 1888 and 1892, the Bethlehem Iron Company completed the first U.S. heavy-forging plant. It was designed by John Fritz with the assistance of Russell Davenport , who joined Bethlehem Iron in 1888. By fall 1890, Bethlehem Iron was delivering gun forging to the U.S. Navy and was completing facilities to provide armor plating. During the 1893 Chicago World's Fair , Bethlehem Steel provided
6887-516: The heavy structural grades produced at the Bethlehem plant. In 1991, Bethlehem Steel Corporation discontinued coal mining it had been conducting under the name BethEnergy and the company exited the railroad car business two years later, in 1993. In 1992, the Johnstown plants of the Bethlehem Steel, which had been founded in 1852 by The Cambria Iron Company of Johnstown and were purchased by Bethlehem Steel in 1923, were forced into closure. By
6984-490: The height of its success and productivity, the company was a symbol of American manufacturing leadership in the world, and its decline and ultimate liquidation in the late 20th century is similarly cited as an example of America's diminished manufacturing leadership. From its founding in 1857 through its 2003 dissolution, Bethlehem Steel's headquarters were based in Bethlehem, Pennsylvania, in the Lehigh Valley region of
7081-409: The income of exporting it.” Bethlehem Steel ranked seventh among U.S. corporations in the value of wartime production contracts during World War II . Bethlehem Shipbuilding Corporation 's 15 shipyards produced a total of 1,121 ships, more than any other builder during the war and nearly one-fifth of the U.S. Navy's two-ocean fleet. Its shipbuilding operations employed as many as 180,000 persons,
7178-460: The iron used in the creation of a 45.5 -foot steel axle to support the world's first Ferris wheel , a 264-foot (80 m) structure. The iron was manufactured in Bethlehem Steel's blast furnaces and represented the largest single steel forging ever constructed at the time. In 1898, Frederick Winslow Taylor joined Bethlehem Steel as a management consultant in order to solve an expensive machine shop capacity problem. Taylor and Maunsel White, with
7275-491: The issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor's economic capability and his conduct will be examined (lasting approximately 12 months). At the end of this audit a payment plan is established, at the end of which the debtor will receive a discharge. The default scenario
7372-743: The lands and water encompassing the Wilmore Dam and Reservoir, Hinckston Run Dam and Reservoir, and South Fork Dam and impoundment, all in Cambria County; and Border Dam and impoundment, and Quemahoning Reservoir and Dam, both in Somerset County. The Authority has been operating at a loss, with subsidies from Cambria County and Somerset County. Each county contributed $ 60,000 in 2006, and $ 75,000 each in 2005. Recreational activities include boating, fishing, hiking, hunting, camping, whitewater rafting and nature watching. Conservation of
7469-488: The largest such pension liability assumption in U.S. history. In 2001, Bethlehem Steel filed for bankruptcy , becoming the 25th American steelmaking company in the span of four years between 1998 and 2001 to file for bankruptcy protection. In 2003, the company was dissolved with its remaining assets, including six plants, acquired by the International Steel Group . International Steel Group, in turn,
7566-506: The late 1950s and early 1960s as the company began manufacturing 23 million tons of steel annually. In 1958, the company's president, Arthur B. Homer, was the highest-paid U.S. business executive, and the firm built the first phase of what would become its largest plant, Burns Harbor between 1962 and 1964 in Burns Harbor, Indiana . In 1967, the company lost its bid to provide the steel for the original World Trade Center . The contracts,
7663-529: The legislation, and include the failure to comply with a bankruptcy notice. A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt of at least $ 5,000. A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver", which is the Australian Financial Security Authority (AFSA). All bankrupts must lodge
7760-577: The lion's share of the company's total employment of 300,000. Eugene Grace was president of Bethlehem Steel from 1916 to 1945, and chairman of the board from 1945 until his retirement in 1957. Grace orchestrated Bethlehem Steel's World War II wartime efforts. In 1943, Grace promised U.S. President Franklin D. Roosevelt that Bethlehem Steel would manufacture one ship per day, and he ultimately exceeded that commitment by 15 ships. World War II, however, drained Bethlehem Steel of much of its male workforce. The company hired female employees to guard and work on
7857-532: The past century. We wouldn't have won World War I and World War II without it", historian Lance Metz told The Washington Post in 2003. In the 1930s, the company also manufactured the steel sections and parts for the Golden Gate Bridge and built for Yacimientos Petrolíferos Fiscales ( YPF ), a new oil refinery in La Plata , Argentina, which was the tenth-largest in the world. During World War II, as much as 70 percent of airplane cylinder forgings, one-quarter of
7954-523: The person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt. Bankruptcy fraud
8051-442: The practice. Meanwhile, the age of Bethlehem Steel workers was increasing, and the ratio of retirees to workers was rising, meaning that the value created by each worker had to cover a greater portion of pension costs than before. Former top manager Eugene Grace had failed to adequately invest in the company's pension plans during the 1950s. When the company was at its peak, pension contributions that should have been made were not. As
8148-403: The previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of
8245-505: The radiation dose involved in processing fresh uranium fuel is low and produces a small risk relative to the baseline risk. The larger danger in processing uranium is chemical poisoning from the heavy metal, which does not produce cancer. The steel industry in the U.S. prospered during and after World War II, while the steel industries in Germany and Japan lay devastated by allied bombardments. Bethlehem Steel's success reached its peak in
8342-464: The second company to use the name Bethlehem Steel. However, the United States Shipbuilding Company was not reorganized as the Bethlehem Steel and Shipbuilding Company; instead, a plan was drawn up for a new company to be formed to replace the United States Shipbuilding Company. The new company was initially to be named Bethlehem Steel and Shipbuilding Company. In 1904, it instead assumed the name Bethlehem Steel Corporation. The Bethlehem Steel Corporation
8439-487: The securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with
8536-512: The subject of significant comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011 has started this process and the government has committed to further reform. Bankruptcy in Israel is governed by the Insolvency and Rehabilitation Law, 2018. Insolvency proceedings below NIS 150,000 will be administered entirely by
8633-442: The trade and vehicles up to a certain value. All other assets of value can be sold. If a house, including the main residence, or car is above a certain value, a third party can buy the interest from the estate in order for the bankrupt to utilise the asset. If this is not done, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. The bankrupt must pay income contributions if their income
8730-408: The tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. In Ancient Greece , bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " debt slavery " until the creditor recouped losses through their physical labour . Many city-states in ancient Greece limited debt slavery to
8827-451: The water and lands includes protection of riparian buffers; water quality improvements to local waterways; sustainable forest management practices; and protection of aquatic species. Bethlehem Steel Corporation The Bethlehem Steel Corporation was an American steelmaking company headquartered in Bethlehem, Pennsylvania . Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At
8924-550: Was acquired by Mittal Steel in 2005, which then merged with Arcelor to become ArcelorMittal in 2006. Bankruptcy Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency . The word bankruptcy is derived from Italian banca rotta , literally meaning ' broken bank ' . The term is often described as having originated in Renaissance Italy , where there allegedly existed
9021-420: Was aware that the U.S. Navy would soon solicit bids for the production of heavy guns and other products such as armor that would be needed to further expand the fleet. Jaques contacted the Bethlehem Iron Company with a proposal to serve as an intermediary between it and the Whitworth Company, so Bethlehem Iron could erect a heavy-forging plant to produce ordnance. In 1885, John F. Fritz , sometimes referred to as
9118-421: Was changed again, this time to the Bethlehem Iron Company. Construction of the first blast furnace began on July 1, 1861, and was operationalized on January 4, 1863. The first rolling mill was built between the spring of 1861 and the summer of 1863 with the first railroad rails being rolled on September 26, 1863. A machine shop, in 1865, and another blast furnace, in 1867, were completed. During its early years,
9215-526: Was de-listed in 2002, Bethlehem Steel was traded on the NYSE under the two letter symbol BS. Bethlehem Steel Corporation installed the Gray rolling mill and produced the first wide-flange structural shapes to be made in the United States. These shapes were partly responsible for ushering in the age of the skyscraper and establishing Bethlehem Steel as the leading supplier of steel to the construction industry. In
9312-523: Was formed by Schwab, who had recently resigned from U.S. Steel , and by Joseph Wharton , who founded the Wharton School at the University of Pennsylvania in Philadelphia . Schwab became the first president and first chairman of the board of directors. After its formation, the Bethlehem Steel Corporation purchased the Bethlehem Steel Company and its remaining subsidiaries from the United States Shipbuilding Company. The Bethlehem Steel Company became
9409-421: Was later named the Bethlehem Iron Company. In 1899, the owners of the iron company founded Bethlehem Steel Company and, five years later, Bethlehem Steel Corporation was created to be the steelmaking company's corporate parent. Bethlehem Steel survived the earliest declines in the American steel industry beginning in the 1970s. In 1982, however, the company suspended most of its steelmaking operations after posting
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