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Law/Patents - Law (general) / POA | | Latvian term or phrase: pieteikums personu atzīšanai par maksātnespējīgiem | banka pilnvaro XXX parakstīt šādus dokumentus: pieteikumus personu atzīšanai par maksātnespējīgiem, sūdzības, blakus sūdzības....
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1 hr confidence:   personal bankruptcy application, (voluntary) sequestration application
Explanation:
ādi varianti atkarībā no valsts. anglijā un kanādā runā par personal bankruptcy, citur par sequestration, latvijā futuks lieto insolvency attiecībā uz uzņēmumiem, tikpat labi var teikt personal insolvency attiecībā uz personām latvijā.
SEQUESTRATION OPTIONS:
VOLUNTARY SURRENDER: This option takes the form of an Ex-Parte Application to the High Court supported by a Founding Affidavit by the Debtor. There are 4 formal requirements that must be complied with for Voluntary Surrender to be granted. These requirements can be summarised as follows:
(i) Must be factually Insolvent (may not have performed an Act of Insolvency);
(ii)Sufficient Assets in your free residue (remainder of the estate after Preferent Creditors have been paid) of the estate to defray all the costs of the Sequestration. The minimum amount that may remain is R10,000.00;
(iii) The Sequestration must be to the advantage of the Creditors;
(iv) All formalities in terms of Section 4 of the Insolvency Act must be complied with.
Voluntary Surrender has the advantage that no security for the sequestration costs needs be given to the relevant Master of the High Court. Any sale of your property in execution will be stayed in Law once the adverts have appeared in the Government Gazette and a local newspaper.
COMPULSORY SEQUESTRATION: This option is initiated by a creditor of your estate. An Applicant for the Compulsory Sequestration of a Debtors Estate needs to show that:
· That he/she has a claim which entitles him to apply for sequestration
· The Debtor is actually insolvent (liabilities exceed his assets, fairly valued OR that the debtor has committed an act of insolvency)
· Reason to believe that it will be to the advantage of the creditors that the estate is sequestrated.
Example sentence(s):- SEQUESTRATION OPTIONS: VOLUNTARY SURRENDER: This option takes the form of an Ex-Parte Application to the High Court supported by a Founding Affidavit by the Debtor. There are 4 formal requirements that must be complied with for Voluntary Surrender to be
Reference: http://www.bankruptcy-canada.ca/bankruptcy/personal-bankrupt...
Reference: http://www.capetownattorney.co.za/attorney-questions.htm
| Freimanis
Local time: 08:36
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Native speaker of: Latvian
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