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44-642: The UER was chartered in 1919, after the previous operator of the streetcar, the Rhode Island Company , went into temporary receivership . The company was placed under the control of the Rhode Island Public Utilities Commission upon inception, in an effort to limit the impact to service in the event of financial difficulties. UER began operations of the consolidated network in 1921, and achieved an all-time high ridership annual of 154 million people in 1923. UER

88-460: A country can borrow or how much debt it can be permitted to take on. Several countries have debt limitation restrictions. A debt limit is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. It is usually set as percentage of GDP , but in a few cases as an absolute amount (for example, $ 200 billion). Several countries have debt limitation laws in place. Only Denmark and

132-409: A creditor can enforce security against a company's assets in an effort to obtain repayment of the secured debt. It used to be the most popular method of enforcement by secured creditors , but recent legislative reform in many jurisdictions has reduced its significance considerably in certain countries. Administrative receivership differs from simple receivership in that an administrative receiver

176-560: A major interchange with connections to Union Station by 1920. The UER fully took over operations of the railways in 1921. In 1922, the first trolleybus ran using the trolley's overhead lines. Despite competition from jitneys, the UER saw an all-time peak annual ridership of 154 million in 1923. In 1926, the UER was acquired by the New England Power Company. The Rhode Island Service Company then took over UER operations, but

220-550: A percentage of GDP are more widespread. Poland has a constitutional limit on public debt, set at 60% of GDP; by law, a budget cannot pass with a breach in place. Examples of other countries that have debt limits as a percentage of GDP are Kenya, Malaysia, Namibia and Pakistan. As part of the Maastricht Treaty , all member states of the European Union (except of United Kingdom that had a treaty opt-out from

264-582: A potential excessive deficit or debt level towards respecting the treaty defined maximum 60% of GDP debt level and 3% of GDP budget deficit level in the future. Between 2007 and 2013, Australia had a debt ceiling, which limited how much the Australian government could borrow. The debt ceiling was contained in section 5(1) of the Commonwealth Inscribed Stock Act 1911 until its repeal on 10 December 2013. The statutory limit

308-583: A receivership scheme for the administration, by the insurance commissioner, of insurance companies found to be insolvent as set forth in the NAIC's Insurer Receivership Model Act." Some organizations have come into existence on the state level to alter the proceedings. An example is the California Receivers Forum, which is a non-profit organization "formed by interested receivers, attorneys, accountants, and property managers, with support from

352-404: A remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights . Receiverships can be broadly divided into two types: Receiverships relating to insolvency are subdivided into two further categories: administrative/equity receivership, where

396-406: A situation likely to remain common for some years. Enforcement is also a significant aspect of the situations where administrative receivership is still permitted; for example, the ability to take control of the entirety of the assets is important in structuring insolvency-remote special purpose companies that issue securities or operate infrastructure projects. In common law jurisdictions outside of

440-440: A very powerful remedy, but it came to be considered unsatisfactory in that it was entirely a creature of the contract between the creditor and the borrower. There was no general ability on the part of the borrower or any other party to review the actions of the receiver (who would generally be acting on behalf of the borrower under the security document) or seek the supervision of the court. A general review of UK insolvency law in

484-552: Is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent . The receivership remedy is an equitable remedy that emerged in the English chancery courts , where receivers were appointed to protect real property. Receiverships are also

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528-411: Is an accountant with considerable experience of insolvency matters. The common law has long recognised the concept of a receiver. Following development of the floating charge , creditors were effectively able to take security over a company's entire business by means of a floating charge over the undertaking. Security documents generally contained very wide powers of appointment such that on default

572-442: Is appointed over all of the assets and undertakings of the company. This means that an administrative receiver can normally only be appointed by the holder of a floating charge . Because of this unusual role, insolvency legislation usually grants wider powers to administrative receivers, but also controls the exercise of those powers to try to mitigate potential prejudice to unsecured creditors . Typically, an administrative receiver

616-588: The Enterprise Act 2002 . The administration regime was changed to make it more attractive, but also barred the right to appoint administrative receivers in any security created after 15 September 2003 (subject to certain specific exceptions). Any attempt to do so takes effect as a power to appoint an administrator. Administrative receivership still forms part of modern insolvency practice. Companies that get into financial difficulty today may well have security packages that were created before 15 September 2003,

660-595: The Federal Housing Finance Agency (FHFA) for government-sponsored enterprises (GSEs) such as Fannie Mae , Freddie Mac , and the 11 Federal Home Loan Banks . Most individual states also have granted receivership authority to their own bank regulatory agencies and insurance regulators. State Insurance Departments are accredited by the National Association of Insurance Commissioners (NAIC)—which states, "State law should set forth

704-539: The Los Angeles Superior Court , to address the needs and concerns of receivers, to facilitate communication between the receivership community and the courts, and to assist in raising the level of professionalism of receivers..." The California Receivers Forum reports five local affiliates in the state: Bay Area, Central California, LA/Orange County, Sacramento Valley and San Diego. Court-appointed receivers are "the most powerful and independent of

748-595: The National Bank from the Ministry of Finance. It is regarded as a legal formality and consequently a broad consensus in the Danish Parliament has set the limit much higher than the actual debt, making the limit irrelevant (it has been raised once, in 2010 when the debt had reached about two-thirds the limit, the nearest it has ever been, at which point the limit was more than doubled). Limits as

792-468: The United States have a debt ceiling that is set at an absolute amount rather than a percentage of GDP. The US Congress began using the measure in 1917 and modified the financing law in 1939 to give the treasury more flexibility in issuing debt. In Denmark, a debt ceiling became necessary in 1993 as a constitutional waiver when day-to-day responsibility for the public debt was transferred to

836-842: The 1980s began with the Cork Report and culminated in the Insolvency Act 1986 . It put forward two major reforms. First, it put the receiver and manager on a statutory footing: a receiver appointed to all or substantially all of a company's property was now an administrative receiver and subject to some statutory responsibilities. Second, it introduced an " administration order " as an equivalent process to administrative receivership – but available to any company by court order independent of any particular security arrangement. The UK Parliament expected that companies and creditors would use administration in preference to administrative receivership. Crucially, however, Parliament had conceded in

880-481: The EMU rules while being a member), have since 1992 pledged via treaty legislation and European Union law to keep their general government debt below 60% of GDP (or on a sufficiently slowly declining trajectory towards respecting the 60% limit at some point in the future) and their annual general government budget deficit below 3% of GDP (or if above it need to be corrected with a sufficiently acceptable declining speed over

924-739: The East Side Trolley Tunnel was reformatted for buses. However, by the early 1950s, ongoing financial difficulties were exacerbated by the commuting public's preference for automobiles over the trolleybuses. As a result, UER was purchased by the United Transit Company (UTC) in 1951, with service was entirely converted by 1952. The relaunch of transit in Rhode Island under the UTC garnered an increase in ridership to 100 million annual riders. The further developments of

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968-497: The Insolvency Act that administrative receivership should have priority – that is, a secured creditor with a floating charge could defeat any attempt to commence an administration by appointing an administrative receiver. As a result, administration was not as popular as lawmakers had envisaged, and secured creditors habitually appointed administrative receivers to enforce security rights. Parliament took more drastic action in

1012-541: The Mayor of Providence. The amendment also required the company to pay $ 1 million for the improvements of its new consolidated system, and set its debt ceiling at $ 22 million. Measures were proposed to reclassify jitneys as common carriers at this time, but this measure ultimately failed. The unrestricted operation of jitneys rendered several trolley lines unprofitable. Tracks first installed in 1914 at Exchange Place (known as Kennedy Plaza since 1964) were expanded, forming

1056-578: The Traction Company created the Rhode Island Company (RICo), which subsequently leased the system, still partially operating with the original Union Railroad of Providence name. Due to financial underperformance in its first few years of operations, the stock of RICo was traded frequently, until it was controlled (through a series of intermediaries) by the New York, New Haven and Hartford Railroad by 1907. In addition to providing passenger service,

1100-510: The United Kingdom, administrative receivership remains popular. A number of offshore jurisdictions market transaction structures to banks on the basis that they still retain the freedom to appoint administrative receivers in those jurisdictions. Because of their unique role, insolvency legislation usually confers wide powers on administrative receivers under applicable insolvency law, which is usually concurrent with powers granted under

1144-537: The color scheme was changed to yellow and cream. In 1940, 50 cars were sold to Capital Transit . Several of the trolleybuses and buses purchased by the UER were made by Pullman and GMC , which were inherited by the UTC. Some were later taken out of service, and some were converted to diesel. In the early- and mid-1950s, several UER buses were sold to transit agencies in Cleveland , Halifax , Boston , and Winnipeg . Receivership In law , receivership

1188-401: The creditor could take over the business immediately and without the input of any court. A receiver appointed to the entire business became known as a receiver and manager . The receiver and manager would typically have extensive powers over the business, including the power to sell it at a time and on terms that suited the appointing creditor. The ability to appoint a receiver and manager was

1232-693: The document(s) underlying his appointment" – i.e., a statute , financing agreement, or court order . The receiver may: Several regulatory entities have been granted power by the Congress to place banking and financial institutions into receivership like the Office of the Comptroller of the Currency for failing nationally chartered commercial banks ; the Office of Thrift Supervision for failing savings and loan associations (thrift institutions); and

1276-552: The following few years). A revision of the EU debt rule and deficit rule is planned (also known as the Stability and Growth Pact ), although when this revision was agreed and adopted in spring 2024, it was only minor - as no changes were made to the overall treaty legislation - with changes only agreed upon to the SGP related Regulations defining how fast and flexible countries shall correct

1320-423: The grant was approved for reallocation to the construction of RIPTA's Downtown Connector . The UER inherited the rolling stock used by the Rhode Island Company, but also purchased new trolleys and trolleybuses. Rail cars were manufactured by Wason , Laconia , Brill , American Car & Foundry , Newburyport , and Jackson & Sharp , amongst others. Cars were painted green and cream until 1928, at which point

1364-525: The highway system, however, slowly eroded this slight recovery. By 1955, all electric buses had been replaced with diesel and gasoline vehicles. The Rhode Island General Assembly created the Rhode Island Public Transit Authority (RIPTA) in 1964, allowing the state to take control of any system whose imminent failure would harm the public good. This function was fulfilled as RIPTA took over UTC operation on July 1, 1966. All

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1408-424: The judicially appointed managers." Unlike special masters and monitors, "the receiver completely displaces the defendants: the receiver makes large and small decisions, spends the organization's funds, and controls hiring and firing determinations." Examples of court-appointed receivers include: Administrative receivership is a procedure in the United Kingdom and certain other common law jurisdictions whereby

1452-553: The next few years forced the New Haven to divest from transit, leaving RICo. lacking the financial support of the larger railroad. RICo was unable to pay off debts, compunded by streetcars began seeing increased competition from jitneys and automobiles . The Rhode Island Company continued operations until 1918, when its debt became too burdensome and the Rhode Island Supreme Court terminated its leases. UER

1496-472: The original interurban network. In 2014, the City of Providence and RIPTA were awarded a $ 13 million TIGER VI grant for the construction of a streetcar linking Rhode Island Hospital to downtown Providence and College Street via the East Side Trolley Tunnel. However, due to concerns that the such a line would be useful to a relatively small population and a lack of public support, the project was cancelled. In 2016,

1540-434: The receiver is granted wide management powers over all or most of the property of a business, and other receiverships (sometimes misleadingly called fixed charge receiverships ) where the receiver has limited control over specific property, with no broader powers beyond managing or selling the individual asset. Receivers are appointed by either a government regulator, privately, or a court. The receiver's powers "flow from

1584-598: The rest of the existing lines, and sparked the creation of several new railway companies, several of which were not separately owned. In 1894, The United Traction and Electric Company (the Traction Company) was formed as a holding company of the different railways by Marsden Perry, Nelson Aldrich and William Roelker. The Traction Company acquired many of the suburban lines, including those running through Cumberland , Pawtuxet Valley, and Barrington and Warren . By 1902, all lines were electrified. At this point,

1628-470: The security document. However, the corollary is that administrative receivers are usually required under applicable legislation to file reports in relation to the period of their receivership. Similarly to the United Kingdom process, methods for receiver appointment in Ireland are as follows: Debt limit A debt limit or debt ceiling is a legislative mechanism restricting the total amount that

1672-489: The system retained its name and branding. With the arrival of the Great Depression , the system suffered from a lack of improvements and service reductions. Buses were further introduced into the system. Ridership recovered during World War II , due to rations on gasoline, and nearly returned to its 1923 high. By 1948, trolleys had been completely replaced by trolleybuses. Tracks were removed from city streets, and

1716-507: The tracks and most of the infrastructure associated with the trolley/trolleybus network has since been removed. Several of the former trolleys have been preserved by the Shore Line Trolley Museum . Kennedy Plaza remains a central transit hub, and the East Side Trolley Tunnel continues to be used by RIPTA buses. Some infrastructure for the cable tramway remains under Benefit Street. Many current RIPTA routes mimic those of

1760-522: The trolley system also carried trolley freight. The Providence Cable Tramway Company , which operated cable cars up the steep grade of College Hill , was also operated by the RICo series of holding companies at this time. The cable car was rendered obsolete with the 1914 opening of the trolley-accessible East Side Trolley Tunnel , connecting North Main Street to Thayer Street . Antitrust laws passed over

1804-579: Was chartered in 1919, as many of the prior streetcar systems were consolidated. These included: To prevent future interruption to service for financial reasons, the charter placed the UER under the control of the Public Utilities Commission. The charter was amended on May 5, 1920, stipulating the composition of the board of directors, specifically that two would be appointed by the Governor of Rhode Island and one would be appointed by

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1848-503: Was created in 2007 by the Rudd government and set at $ 75 billion. It was increased in 2009 to $ 200 billion, $ 250 billion in 2011 and $ 300 billion in May 2012. In November 2013, Treasurer Joe Hockey requested Parliament's approval for an increase in the debt limit from $ 300 billion to $ 500 billion, saying that the limit will be exhausted by mid-December 2013. With

1892-665: Was purchased by the New England Power Company in 1926, and was operated under the UER brand by the Rhode Island Service Company until the system was again reorganized as the United Transit Company in 1951. The transportation system in Rhode Island was deprivatized in 1966 when the Rhode Island Public Transit Authority (RIPTA) began operations. The first iteration of rail-based transit in Rhode Island

1936-850: Was the Union Railroad of Providence , a privately-owned horsecar company which began operation in 1865. The first electrified trolleys in the state were introduced in Woonsocket in September 1887. The line was not long enough to be a practical means of transportation, and largely served as an amusement ride. Regular electric trolley service began in August 1889 in Newport , and in January 1892 in Providence. The technology quickly spread to

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