Bankruptcy

as bankruptcy (Adj.) (of ital.: banca rotta, broken or empty bank (the exchange broker)) a colloquial person or company is designated, who is insolvent, thus no more able to cover pending calculations and current expenditures over own capital. The term bankruptcy(Subst.) stands colloquially for the condition of the inability to pay. In the case solvent states does not speak one of the national bankruptcy. Normally also the possibility of a credit is exhausted completely. The legal terminology in Germany uses the term insolvency since the entry into force of the insolvency order.

The term bankruptcy comes fromthe exchange brokers in medieval upper Italy. These had developed to the time of the fair or market tables, on which they offered different currencies for the exchange. If the table was empty, then the change-over switch, similarly as the Bankrotteur, had no more money.

In the legal diction bankruptcy stands for thosein § 283 of the German penal code (StGB) described insolvency meeting acts. According to this regulation with imprisonment up to five years or fine one punishes, who with insolvency or with threatening or occurred inability to pay

  1. of components of its fortune, which belong in case of the opening of the insolvency procedure to the insolvency mass,aside creates or conceals or in the requirements of a normal economy contradicting way destroyed, damaged or useless makes,
  2. in the requirements of a normal economy contradicting way loss or speculative transactions or difference business with goods or securities is received or by uneconomic expenditures, play or betexcessive amounts used or guiltily,
  3. and it or out the these is procured for goods or securities on credit Goods manufactured things substantially under their value in one that Requirements of a normal economy contradicting way sold or otherwise, rights
  4. of others deliver pretend or erdichtete rights recognize,
  5. Accounting books, to whose guidance it is legally obligated, omits in such a way leading or it leads or changed that the overview of its financial situation is made more difficult,
  6. accounting books or other documents, to whose keeping a buyer is obligated after commercial law, before expiration of the periods for safekeeping existing for record keeping-requiring aside, concealed, destroyed or damages and thus the overview of its financial situation difficult, against
  7. the commercial law creates
    1. balances sets up in such a way that the overview of its financial situation one makes more difficult, or
    2. it omits, the balance of its fortune or the inventory in that to set up prescribed time, or
  8. in oneother one, which requirements of a normal economy roughly contradicting way its financial situation reduced or its conceals or masks real business conditions, or by such actions insolvency or inability to pay causes.

The attempt of this passing is likewise punishable. The act presupposes resolution . Determined cases of the negligent actionsand the negligent success causing are after § 283 exp. 4 and 5 StGB with smaller punishment threatens. Objective condition of the punishability is that the insolvency procedure was opened or rejected for lack of mass.

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