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97-578: The company was first chartered as the Natick Electric Street Railway on August 10, 1891. The name was changed to the South Middlesex Street Railway in 1893. That company went bankrupt and a receiver was appointed May 6, 1903; the property was sold on August 15, 1907, to the newly formed Middlesex and Boston Street Railway. By 1910, Boston Suburban Electric Companies , a holding company , had bought

194-594: A 5 to the beginning and were renumbered in September 1982 and some in 1996. There is one streetcar and one bus preserved from this railway, trolley # 41, a former Lexington car, and bus # 192, a 1948 ACF Brill bus. They are both located at the Seashore Trolley Museum in Kennebunkport, Maine . The Commonwealth Avenue Street Railway was opened on March 26, 1896. The line ran down the median

291-562: 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

388-500: 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

485-515: 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

582-407: A colorful assortment of shops, restaurants, and bars. Moody Street's booming nightlife, convenience to the commuter rail and lower rents have attracted younger professionals to Waltham in growing numbers in recent years. Moody Street is also referred to as "Restaurant Row" and has become a destination because of the number, variety and quality of its locally owned restaurants. The city of Waltham has

679-519: 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

776-439: 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

873-410: 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

970-613: 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

1067-509: A democratic process for city-wide decision-making. For over 25 years, the Waltham Arts Council has sponsored "Concerts On Waltham Common", featuring a different musical act each week of the summer, free of charge to attendees. "Concerts On Waltham Common" was created and organized by Stephen Kilgore until his death in 2004. The Rose Art Museum at Brandeis University is devoted to modern and contemporary art. The Rose holds

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1164-568: A difficult time, the Waltham Traffic Commission closed off a segment of the road to allow businesses to have outdoor dining and storefronts amidst the COVID-19 pandemic. Bus stops that would typically be on the blocked off part of Moody St. are temporarily relocated to nearby spots. Restaurants are supportive of the closure, as they can offer outdoor seating and increase their capacity for business. However, Moody Street has

1261-455: 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,

1358-607: A free "Tick Tock Trolley" on Thursday, Friday and Saturday evenings from 6pm–11pm for visitors that provides easy access to local municipal parking lots. Starting in 2020, the City of Waltham in Massachusetts has shut down a large portion of the main road, Moody St., to vehicular traffic from May 1 until October 31 annually. Moody Street is lined with restaurants and other small businesses but typically has high volumes of automobile passage. In an effort to assist these businesses in

1455-474: A language other than English at home. The age distribution is as follows: 13.7% under 18, 20% from 18 to 24, 30.6% from 25 to 44, 9.9% from 45 to 64, and 14.6% 65 or older. The median age was 34. The population was 48.3% male and 51.7% female. The median income for a household was $ 95,851, and per capita was $ 44,977. In 2020, 9.2% of the population and 5% of families lived below the poverty line . 11.7% of those under 18 and 8.45% of those 65 and older lived below

1552-427: 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

1649-402: 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

1746-465: 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

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

1940-672: A variety of exhibitions and programs, and collections are free and open to the public. The city's history is also celebrated at a number of museums, monuments, and archives. The Charles River Museum of Industry & Innovation , the Waltham Watch Factory historic district, the Gore Estate, the Lyman Estate, and the Robert Treat Payne Estate are among the most well known of the 109 sites in

2037-442: A variety of other businesses like small grocery stores, clothing stores, and jewelers. Some of these non-restaurant business owners oppose repeating the plan in the future, arguing that closing off the road makes their businesses less accessible due to a lack of automobile access. While Waltham has included a variety of stakeholders in the process of the street closure, it is crucial that they continue to do so in order to continue using

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2134-876: A well regarded Ugandan eatery. Wilberforce Kateregga, a Ugandan immigrant to Waltham has since established Waltham College Uganda in Seeta Nazigo, Uganda, a boarding school for over 300 orphans and children affected by AIDS. The school was named in honor of Kateregga's new home city. Among the companies based in Waltham are medtech corporation PerkinElmer , biopharmaceutical services provider Paraxel , energy supply company Global Partners , data services provider Lionbridge , Steel Connect , broker-dealer Commonwealth Financial Network , technology companies Care.com and StudentUniverse , research and development organization Education Development Center (EDC), provisioner of scientific instrumentation Thermo Fisher Scientific , and

2231-594: Is French-born American conductor, Patrick Botti. Open space in the city is protected by the Waltham Land Trust . Waltham embraces its ethnic diversity in a number of festivals. The annual Latinos en Acción Festival celebrates the many Puerto Rican, Mexican, Peruvian, and Guatemalan residents. It is held by Latinos in Action, a local nonprofit group that helps the Latino population register to vote, understand

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

2522-464: 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,

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

2910-571: 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

3007-653: Is currently represented in the United States House of Representatives by Katherine Clark . Waltham is also represented in the Massachusetts House of Representatives by State Representative John J. Lawn and State Representative Thomas M. Stanley, and in the Massachusetts Senate by Senator Michael Barrett . Waltham is close to several U.S. interstate highways. Interstate 95 , multiplexed with Route 128 , runs through

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3104-486: Is imposed by a court order , often initiated by the debtor . 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

3201-557: 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

3298-459: 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

3395-400: 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

3492-512: The 553 Roberts–Downtown Boston via Newton Corner and Central Square Waltham , with Crescent Street served by the 558 Riverside–Downtown Boston via Auburndale, Central Square Waltham and Newton Corner . [REDACTED] Media related to Middlesex and Boston Street Railway at Wikimedia Commons Bankrupt 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

3589-571: 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

3686-652: The Lyman Estate , a 400-acre (1.6 km ) estate built in 1793 by Boston merchant Theodore Lyman . In 1857, the Waltham Model 1857 watch was produced by the American Watch Company in the city of Waltham, Massachusetts. In the late 19th and early 20th century, Waltham was home to the brass era automobile manufacturer Metz , where the first production motorcycle in the U.S. was built. Another first in Waltham industrial history involves

3783-812: The Newton and Boston Street Railway 's Newton Center branch. An extension from Newton Center to Newton Highlands via Cypress, Paul, and Center opened on June 15, 1899. The line was consolidated into the Newton Street Railway on January 1, 1904; the Newton Street Railway was merged with the M&;B on July 1, 1909. The Commonwealth Avenue line was the last of the M&B streetcar routes to be converted to buses ; this occurred in April 1930. The park closed in 1964. Route 35 Auburndale–Lake Street

3880-804: 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

3977-700: 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

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4074-505: The United States Census Bureau , the city has a total area of 13.6 square miles (35 km ), of which 12.7 square miles (33 km ) is land and 0.9 square miles (2.3 km ) (6.69%) is water. Waltham has several neighborhoods or villages, including: It is bordered to the west by Weston and Lincoln , to the south by Newton , to the east by Belmont and Watertown , and to the north by Lexington . As of

4171-605: The Waltham-Lowell system of labor and production. The city is now a center for research and higher education as home to Brandeis University and Bentley University . The population was 65,218 at the census in 2020 . Waltham is part of the Greater Boston area and lies 9 miles (14 km) west of Downtown Boston. Waltham has been called "watch city" because of its association with the watch industry. Waltham Watch Company opened its factory in Waltham in 1854 and

4268-433: The census in 2020, there were 65,218 people and 23,891 households in the city. The population density was 5,117.9/mile². According to 2021 census estimates, the racial makeup of the city was 60.5% White , 7.6% Black or African American , 0.5% Native American or Alaska Native, 11.8% Asian , 0.0% Pacific Islander , 5.3% from other races , and 4.3% from two or more races. Hispanic or Latino of any race were 22.3% of

4365-557: The "Old Connecticut Path" saw continued use after colonization and became the basis for present day Route 20 . Waltham is most likely named for Waltham Abbey in the County of Essex , England. The first record of the name is from the articles of incorporation, dated January 15, 1738. The name derives from the Anglo-Saxon words, weald or wald "forest" and ham "homestead" or "enclosure." Waltham had no recognizable town center until

4462-503: The 1830s, when the nearby Boston Manufacturing Company gave the town the land that now serves as its central square . In the early 19th century, Francis Cabot Lowell and his friends and colleagues established in Waltham the Boston Manufacturing Company —the first integrated textile mill in the United States, with the goal of eliminating the problems of co-ordination, quality control, and shipping inherent in

4559-690: The British way, "Walthum", but when people came to work in the mills from Nova Scotia, the pronunciation evolved. The local version became a phonetic sounding to accommodate French speakers who could not pronounce it in the British way. In some areas, the city is referred to as "The Waltham". Waltham is located at 42°22′50″N 71°14′6″W  /  42.38056°N 71.23500°W  / 42.38056; -71.23500 (42.380596, −71.235005), about 11 miles (18 km) north-west of downtown Boston , Massachusetts , and approximately 3 miles (4.8 km) northwest of Boston's Brighton neighborhood. The heart of

4656-520: The City Hall and one near Brandeis University. MBTA bus service also covers the city, including routes 61, 70, 170, 505, 553, 554, 556 and 558. The Charles River runs through Waltham, and bike and walking paths cover most of the south bank, as well as part of the north bank from Prospect Street to Moody Street. Some commuters ride the path to offices in Cambridge and Boston. The city of Waltham

4753-549: 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

4850-748: The First Avenue area. New retail development has also been active at a former Polaroid site. According to the city's 2018 Comprehensive Annual Financial Report, the top ten non-city employers in the city are as follows. Waltham is home to: The Waltham Public Schools system includes seven elementary schools (Northeast, Fitzgerald, MacArthur, Plympton, Whittemore, Stanley, and the Waltham Dual Language Elementary School), two middle schools (McDevitt, Kennedy), and one senior high school ( Waltham High School ). Waltham High School's sports teams had been referred to as

4947-543: The M&B. In September 1964 the MBTA began subsidizing the M&B, and route numbers were given to its buses. (According to "A Chronicle of the Boston Transit System" (April 16, 1981) the subsidy agreement was signed on December 23, 1964.) The M&B was taken over by the MBTA on July 5, 1972, after a financial dispute over subsidies stopped service on June 30. The routes taken over were renumbered by adding

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5044-400: The Newton Street Railway bought the line, and the Newton Street Railway was merged with the M&B July 1, 1909. It later (by 1964) became much of the 20 Newton Corner–Riverside via Roberts and Central Square Waltham bus line, with the 27 Newton Corner–Riverside via Auburndale and Central Square Waltham using much of Crescent Street (the 20 went straight through on Moody Street). This is now

5141-518: 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

5238-486: 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

5335-443: 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

5432-627: The Watchmen and the Crimson, before they changed the name to the Hawks. Waltham is governed by a mayor and a city council. The current mayor is Jeanette A. McCarthy. There are 15 members of the city council, each elected to two-year terms in non-partisan elections. The current president of the city council is John J. McLaughlin. The city is in Massachusetts's 5th congressional district and

5529-494: 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

5626-778: The annual Youth Concerto Competition, which provides opportunities for young musicians to perform solo works with the WPO. Annual concerts have included summer Concerts on the Common and the December Holiday Pops. Waltham is home to the Waltham Symphony Orchestra , a high-level semi-professional civic orchestra. The 55 piece orchestra performs five concerts each season at the Kennedy Middle-school Auditorium. Its music director

5723-497: 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

5820-593: The city is Waltham Common, which is home to Waltham City Hall and various memorial statues. The Common is on Main Street, which is home to several churches, the Waltham Public Library , and Post Office. The city stretches along the Charles River and contains several dams . The dams were used to power textile mills and other endeavors in the early years of the industrial activity. According to

5917-470: The city on the National Register of Historical Sites. Many festivals are held at these sites each year, such as the annual sheep shearing festival at the Gore Estate. The National Archives and Records Administration Northeast regional branch is located in Waltham. The Waltham Public Library has extensive archives regarding the city's history. The Waltham Museum is devoted solely to the history of

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6014-481: The city. The Bedford–Arlington Heights bus, today's 62 was M&B route 29 and MBTA route 529. The car-barn and electricity generator were located in North Lexington north of Bedford Street and just west of the corner of what is now Worthen Road. The complex was composed of at least a long wooden building (the carbarn) and a squat brick structure with a short smokestack (the generating plant); that complex

6111-473: The city. Mark Gately is the only stakeholder left of the Waltham Museum. Waltham is known for its embracing of literary arts. Local author Jessica Lucci has written a series of books about Waltham which can be found at the Waltham Museum, The Waltham Historical Society, and many other regional establishments devoted to promoting literary arts. The Waltham Mills Artists Association is located in one of

6208-458: 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

6305-614: 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

6402-452: 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

6499-581: 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

6596-401: 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

6693-499: 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

6790-415: 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

6887-404: The entire length of Commonwealth Avenue in Newton from Auburndale to Boston College , where it connected with the Commonwealth Avenue line of the Boston Elevated Railway . The latter line did not opened until August 15, 1896; omnibuses were temporarily run between Reservoir and Lake Street. The company opened Norumbega Park on June 17, 1897, as an amusement park to increase traffic on

6984-440: 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

7081-717: The former factories of the Boston Manufacturing Company. The WMAA Open Studios takes place each year on the first weekend of November. The 76 artists of the WMAA open their homes and studios to the public. Works of all media imaginable are demonstrated, displayed and discussed. The Waltham Philharmonic Orchestra, a civic symphony of the MetroWest area, began in 1985 under the direction of local musicians David J. Tierney and Harold W. McSwain, Jr. With almost 60 professional, semi-professional, and amateur musicians,

7178-434: The institution has long been covered by local and, at times, national media. The name of the city is pronounced with the primary stress on the first syllable and a full vowel in the second syllable, / ˈ w ɔː l θ æ m / WAWL -tham , though the name of the Waltham watch was pronounced with a reduced schwa in the second syllable: / ˈ w ɔː l θ əm / . At one time, most people would have pronounced it in

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

7372-399: The laws and find scholarships. The festival includes a parade, music, food, and a beauty pageant. Waltham has in recent decades become a center for Ugandan culture, with an estimated 1500 Ugandans living in the city, leading some to call Waltham "Little Kampala". The Ugandan North America Association is headquartered in Waltham, along with St. Peters Church of Uganda Boston, as well as Karibu,

7469-529: 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

7566-419: The line. Through service between Norumbega Park and Park Street was run from January 17, 1903, to November 1, 1914. In December 1895, the company was denied rights to construct a branch over Center Street from its not-yet-complete Commonwealth Avenue line to Newton Center because of its refusal to pay for street widening. However, the branch was later approved and constructed, allowing the line to complete with

7663-622: The marketing firm Constant Contact . Footwear manufacturer Wolverine World Wide, Inc. moved their regional headquarters from Lexington to the CityPoint campus in July 2016. C & J Clark America, Inc. moved their headquarters from Newton to the Polaroid site in October 2016. Retail activity is concentrated on Main Street, Moody Street, Lexington Street, River Street, parts of Route 60, and

7760-503: The method to mass-produce the magnetron tube, invented by Percy Spencer at Raytheon . During World War II, the magnetron tube technology was applied to radar. Later, magnetron tubes were used as components in microwave ovens. Waltham was also the home of the Walter E. Fernald State School , the western hemisphere's oldest publicly funded institution serving people with developmental disabilities . The storied and controversial history of

7857-401: The orchestra's mission is to provide the Waltham community with the opportunity to perform in and attend classical concerts of the highest quality. WPO musicians come from Waltham as well as from Boston and surrounding communities. The ensemble includes players of a wide range of ages and professions. There are five to six concerts throughout the season, including one that features the winner 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

8051-430: The population. There were 23,891 households, 19.8% of which included children under the age of 18 and 28.4% with people 65 and older. 39.7% of households were married couples living together, 9.9% cohabitating couples, 21.2% male householders with no partner present, and 29.2% female householders with no partner present. The average household size was 2.29 and the average family size was 3.02. 32.7% of households spoke

8148-698: The poverty line. As of 2020, 26.6% of Waltham residents were born outside of the United States. Of foreign-born residents, 41.5% were born in Asia, 32.7% in Latin America, 11.9% in Europe, and 9.7% in Africa. Waltham's combination of population (especially in central and south Waltham) parks, public transit, stores, and trails gives it 62 (out of 100) walkability ranking on walkscore.com . Moody Street in downtown Waltham offers its own brand of entertainment with

8245-403: 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

8342-623: The provisions of the Bankruptcy Act. Waltham, Massachusetts Waltham ( / ˈ w ɔː l θ æ m / WAWL -tham ) is a city in Middlesex County, Massachusetts , United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution . The original home of the Boston Manufacturing Company , the city was a prototype for 19th century industrial city planning, spawning what became known as

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

8536-577: The subcontracting based textile industry. The Waltham–Lowell system of production derives its name from the city and the founder of the mill. The city is home to a number of large estates, including Gore Place , a mansion built in 1806 for former Massachusetts governor Christopher Gore , the Robert Treat Paine Estate , a residence designed by architect Henry Hobson Richardson and landscape architect Frederick Law Olmsted for philanthropist Robert Treat Paine, Jr. (1810–1905), and

8633-512: 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

8730-636: The town lines of Bedford with Lexington, Concord, and Billerica. The line from Lexington ran down Bedford Street and the Great Road, diverting along Loomis Street and South Road to connect with the Boston and Maine Railroad station. A passing track was located on the north side of Bedford Common. As at Norumbega, an amusement park was built in Lexington near the Bedford town line, to attract riders from

8827-442: 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

8924-408: 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

9021-646: The western part of the city. Exits in Waltham are 26, 27, and 28. Interstate 90 , which is also the Massachusetts Turnpike , is just to the south in Newton . Due to its proximity to the center of the Greater Boston metropolitan area, a number of state highways are within a few miles. The MBTA commuter rail has two stops in Waltham as part of the Fitchburg-Boston Line : one in Central Square Waltham across from

9118-552: Was a lumberyard for many years and was redeveloped in the late 1980s. The Waltham and Newton Street Railway was chartered on July 13, 1866, and began service on August 31, 1868. Its tracks ran from the split between Pleasant Street and Main Street, west of Waltham center, via Main Street, Moody Street, Crescent Street and Moody Street to the Newton line, then via Lexington Street, River Street, Elm Street and Washington Street to end at Highland Street in West Newton . In 1889

9215-628: Was not initially operated by the MBTA upon the July 1972 takeover. The MBTA resumed service in January 1973 as rush hour-only route 535 Auburndale–Boston College via Commonwealth Avenue. Largely used by domestic workers commuting to wealthy neighborhoods in Newton, it was dropped in June 1976. From Bedford, cars left every 15 minutes in the summer, and every half-hour in the winter, for Fare limits were at

9312-657: Was officially incorporated as a separate town in 1738, but the area was inhabited for thousands of years prior to English colonization. At the time of European arrival, Waltham was in a border zone between the territories of the Pawtucket confederation and the Massachusett , with nearby native settlements at Nonantum and Pequosset (Watertown). Early colonizers recorded the presence of an "Indian Stockade" near today's Cambridge Reservoir , and an "Indian Hollow" in today's Calvary Cemetery. A native trail through Waltham,

9409-548: Was the first company to make watches on an assembly line. It won the gold medal in 1876 at the Philadelphia Centennial Exposition . The company produced over 35 million watches, clocks, and instruments before it closed in 1957. Waltham borders Watertown and Belmont to the east, Lexington to the north, Lincoln and Weston to the west, and Newton to the south. Waltham was first colonized by Europeans in 1634 as part of Watertown , and

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