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 .
76-823: Frisco Depot or Frisco Station may refer to one of several depot or stations of the former St. Louis and San Francisco Railway (also known as the Frisco Lines ). Fayetteville station (St. Louis–San Francisco Railway) in Fayetteville, Arkansas St. Louis-San Francisco Railroad Depot (Poplar Bluff, Missouri) Antlers Frisco Depot and Antlers Spring in Antler, Oklahoma Idabel station in Oklahoma St. Louis and San Francisco Railway Depot (Comanche, Texas) Other uses [ edit ] Frisco Station, Texas
152-562: 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
228-500: 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
304-519: A boiler pressure of 210 psi (1.4 MPa), and a tractive effort of 68,600 pounds-force (305 kN). Weighing in at 449,760 pounds (204.01 t), they were the heaviest Mountain-type locomotives ever built. Frisco’s first acquisition of diesel locomotives came in November 1941, when the line received five Baldwin VO-1000 switchers of a 1,000-horsepower (750 kW) each. Frisco started
380-441: A boiler pressure of 250 psi (1.7 MPa), and a tractive effort of 66,400 pounds-force (295 kN), weighing 431,110 pounds (195.55 t). Another twenty-three 4-8-2s were built using the boilers from 2-10-2s between 1939 and 1942. Units 4400 through 4412 were oil-burning, while units 4413 through 4422 burned coal. These locomotives had 29-by-32-inch (740 mm × 810 mm) cylinders, 70-inch (1,780 mm) drivers,
456-439: 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
532-410: 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
608-613: 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
684-455: 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,
760-467: A few gas-mechanical models given 3000-series numbers. These railway vehicles were commonly known as " Doodlebugs " for their insect-like appearance and the slow speeds at which they would doddle or "doodle" down the tracks. These were used to service various low-volume branch lines in the Frisco organization. An initial order for ten was placed in 1910, with seven more arriving by 1913, putting Frisco in
836-409: 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 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
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#1732779693878912-985: 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 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
988-465: 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
1064-433: 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
1140-486: A row of very small properties along a public road running at right angles from the river to the railroad track"; however, many of Fazendeville's residents resisted and then ultimately refused the railway's financial offers. According to one of the newspapers which reported on those plans, "The Frisco road cannot obtain title to the National Cemetery, but is after all the rest of the river front, and wants to cross
1216-688: A serious dieselization program in 1947, which took about five years. When the period of steam power ended for Frisco in February 1952 with the last run of steam engine 4018 , the Frisco’s diesel fleet included seventeen 2,250 hp (1,680 kW) passenger, six 2,000 hp (1,490 kW) passenger, twelve 1,500 hp (1,120 kW) combination freight and passenger, one hundred and twenty-three 1,500 hp freight, one hundred and thirty-three 1,500 hp general purpose, eleven 1,000 hp general purpose, and one hundred and five yard-switcher units, for
1292-466: A total of 407 diesel locomotives. At that time, the Frisco became the largest Class I railroad in the U.S. to be operating strictly with diesel power. The Frisco gave names to its 2000-series diesel passenger locomotives, EMD E7 and (mostly) EMD E8 units, using the theme of famous horses. These included racehorses such as Gallant Fox (No. 2011), Sea Biscuit (No. 2013), and Citation (No. 2016). However, other horses also made
1368-400: 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
1444-525: Is a mixed use development in Frisco, Texas Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Frisco Depot . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Frisco_Depot&oldid=1233610993 " Categories : Disambiguation pages Station disambiguation pages Hidden categories: Short description
1520-464: 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,
1596-561: 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
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#17327796938781672-559: 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
1748-515: 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
1824-531: 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 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
1900-589: Is different from Wikidata All article disambiguation pages All disambiguation pages St. Louis and San Francisco Railway The St. Louis–San Francisco Railway ( reporting mark SLSF ), commonly known as the " Frisco ", was a railroad that operated in the Midwest and South Central United States from 1876 to November 21, 1980. At the end of 1970, it operated 4,547 miles (7,318 km) of road on 6,574 miles (10,580 km) of track, not including subsidiaries Quanah, Acme and Pacific Railway and
1976-684: Is modeled after a stretched-out raccoon skin (giving rise to Frisco High School 's mascot, the Fighting Raccoons). While the Texas Special may be the most famous passenger train operated by Frisco, it was just one of a fleet of named trains. These included: The core of the former Frisco system continues to be operated by BNSF Railway as high-density mainlines. Other secondary and branchlines have been sold to shortline operators or have been abandoned altogether. Multiple surviving buildings, structures and locations associated with
2052-557: 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
2128-522: 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
2204-400: 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
2280-605: The Alabama, Tennessee and Northern Railroad ; that year, it reported 12,795 million ton-miles of revenue freight and no passengers. In 1980 it was purchased by and absorbed into the Burlington Northern Railroad . Despite its name, it never came close to San Francisco . The St. Louis–San Francisco Railway, commonly called the Frisco, was incorporated in Missouri on September 7, 1876. It was formed from
2356-571: 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
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2432-641: The Beaumont St. Louis and San Francisco Railroad Water Tank . Frisco Lake , a small lake in Rolla , Phelps County, Missouri , was named for and owned by the Frisco. The Frisco Building, being the former Frisco Operating Headquarters in Springfield built in 1910 and now known as the Landmark Building, is an official City of Springfield counsel-approved landmark. The Frisco Bridge at Memphis
2508-804: 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
2584-700: 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
2660-628: 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 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
2736-549: 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
2812-802: The Frisco are on the National Register of Historic Places , including the St. Louis - San Francisco Railway Corporate Headquarters building; Frisco Building, 908 Olive St, St. Louis, Mo , St. Louis and San Francisco Railroad Building in Joplin, Missouri , the St. Louis-San Francisco Railroad Depot in Poplar Bluff, Missouri , the St. Louis and San Francisco Railway Depot in Comanche, Texas , the Beaumont St. Louis and San Francisco Railroad Retention Pond , and
2888-459: The Frisco had 159 4-4-0's in service, built by twenty-five different companies. Frisco renumbered its units in that year, assigning the 4-4-0's either numbers between 1-299 (140 units), or 2200-series numbers (19 units). The oldest Frisco 4-4-0 locomotive was No. 47, built in 1869 by Hinkley Locomotive Works . The last serving 4-4-0's were retired in 1951. Even more numerous on the Frisco were 4-6-0 "Ten-wheelers." The first such engines entered
2964-636: The Frisco sold the FW&;RG to the Atchison, Topeka and Santa Fe Railway for $ 1.5 million, giving the latter an entry into Fort Worth from the west. On August 24, 1916, the Frisco was reorganized as the St. Louis–San Francisco Railway , though the line never went west of Texas , terminating more than 1,000 miles (1,600 km) from San Francisco. The St. Louis–San Francisco Railway had two main lines: St. Louis – Tulsa – Oklahoma City - Floydada, Texas , and Kansas City – Memphis – Birmingham . The junction of
3040-481: The Frisco system in 1870. By 1903, Frisco had a fleet of 430 such locomotives, which were renumbered that year into seven class series, using 400, 500, 600, 700, 1100, 1400, and 2600-series numbers. The last 4-6-0s on the Frisco roster were the 1400 series, with the last engine to be retired from service being #1409, dismantled and sold for scrap in November, 1951. Frisco-series 2100 equipment consisted of self-propelled rail motor-cars, mostly gas-electric models, with
3116-576: The Frisco, in a joint venture with the Missouri–Kansas–Texas Railroad , operated the Texas Special . This luxurious train, a streamliner from 1947, ran from St. Louis to Dallas, Texas, Fort Worth, Texas , and San Antonio, Texas . The Frisco merged into the Burlington Northern Railroad on November 21, 1980. The city of Frisco, Texas , was named after the railroad and uses the former railroad's logo as its own logo. The logo
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3192-493: The Frisco: The following railroads were acquired or merged into the Frisco: The following is a list of partial or full asset absorptions, many times through bankruptcy courts or creditors. In some cases the Frisco was a creditor. Assets can include mineral rights, property, track and right of way, trains, bonds, mortgages, etc. Bankruptcy Bankrupt is not the only legal status that an insolvent person may have, and
3268-745: The Missouri Division and Central Division of the Atlantic and Pacific Railroad . This land grant line was one of two railroads (the other being the M-K-T ) authorized by the federal government to build across Indian Territory . The Atchison, Topeka and Santa Fe Railroad (known simply as the Santa Fe), interested in the A&;P right of way across the Mojave Desert to California , took
3344-468: The Orleans Parish line" as part of plans of "gigantic scope" to further the expansion of the company's rail lines and operations facilities across the state. As part of this plan, the executives proposed relocation of the residents of the historically Black community of Fazendeville to the much smaller, neighboring village of Versailles , which was described as a "settlement consist[ing] merely of
3420-518: 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
3496-486: 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
3572-443: 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
3648-455: 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 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
3724-494: 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
3800-458: 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
3876-614: 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
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#17327796938783952-489: The country, and supplied construction help to the Park, along with the rails and ties, back when this line was being built in 1962. Perhaps for these reasons, the trains sport the Frisco name and logo. However, this was never an actual Frisco rail line, and the steam locomotives started life as industrial engines on German intraplant railroads, not as actual rolling stock on the Frisco. The following companies were predecessors of
4028-452: 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
4104-581: 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
4180-430: 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 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
4256-401: 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
4332-418: 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 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
4408-499: 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
4484-505: 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 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
4560-440: 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
4636-407: The forefront of gas-electric operation at that time. The initial batch, numbered 2100 to 2109, included nine baggage-coach combinations, as well as one baggage-mail-coach unit. Frisco's peak year for motor-car mileage was 1931, and its fleet at that time included twenty-three gas-electrics, five gas-mechanical cars, four trailer coaches, and six mail-baggage units. The final Frisco run of a Doodlebug
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#17327796938784712-491: 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
4788-529: 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
4864-563: The list: for instance, when No. 2022 was rebuilt after a wreck, it was given the name of Champion , after ex-Frisco-employee Gene Autry’s trusty steed in the movies. The amusement park Silver Dollar City in Branson, Missouri , runs multiple diesel-fired or heating oil-fired steam trains around the park on its 2-foot-gauge rail line , known as the Frisco Silver Dollar Line . The Frisco operated in that part of
4940-408: 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 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
5016-467: The present public road practically at grade in many public places." In 1901, the Frisco took control of the Fort Worth and Rio Grande Railway , which it operated as an independent subsidiary, and constructed several extensions of the latter. However, after the Frisco entered bankruptcy in 1913, it made no further extensions of the FW&RG, which in most years failed to make a net profit . In 1937
5092-403: 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
5168-454: The primary car shops for the railroad. In 1912 a new facility was built in Memphis, Tennessee to handle the eastern section of the system, consisting of a yard, roundhouse terminal, and car shops. At Kansas City, Missouri was another substantial back shop site, consisting of a roundhouse terminal and several shop buildings served by a transfer table. From March 1917 through January 1959,
5244-566: The road over but went bankrupt in 1893. The receivers retained the western right of way but divested the ATSF of the St. Louis–San Francisco mileage on the Great Plains . After bankruptcy, the Frisco emerged as the St. Louis and San Francisco Railroad , incorporated on June 29, 1896. It later also declared bankruptcy. In 1903, Frisco executives engaged in negotiations to purchase large tracts of land in St. Bernard Parish, Louisiana "up to
5320-487: 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
5396-512: 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
5472-520: 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 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
5548-442: 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
5624-621: The two lines was in Springfield, Missouri , home to the company's main shop facility. The corporate headquarters was at 906 Olive Street, St. Louis. Other lines included: The base of operations for the Frisco was Springfield, Missouri . There were three separate back shop facilities in and around the city: North Side, which handled light locomotive repairs; South Side, inherited from the Kansas City, Fort Scott and Memphis, for heavy locomotive repairs and overhauls; and West Side, which were
5700-502: Was on November 8, 1953, when No. 2128 traveled from Ardmore, Oklahoma , for the four hour trip to Hugo, Oklahoma . Two series of Frisco locomotives not surviving were Frisco 4300s and 4400s. These were all 4-8-2 units assembled by Frisco itself in the late 1930s to the early 1940s from other locomotives. Eleven, being units 4300 through 4310, were built in 1936 and 1937 from used 2-10-2 parts. They had 27-by-30-inch (690 mm × 760 mm) cylinders, 70-inch (1,780 mm) drivers,
5776-519: Was the first bridge over the Mississippi River south of St. Louis, and the third longest bridge in the world at the time of its dedication on May 12, 1892; it is now listed as a National Historic Civil Engineering Landmark . Locomotives with 4-4-0 wheel arrangements, known as the "American" type because they were considered for many years to be the standard in American locomotives, originally served Frisco in great numbers. In July, 1903,
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