Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency.
In some countries, including the United Kingdom, bankruptcy is limited to individuals, and 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 France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite is used for bankruptcy in accordance with the law.
Why Choose Us
Our group has been ranked by the Williamson Fund Report, the leading independent industry survey, as the leading practice by assets under management for the fifth year in a row.
Representative experience of the group includes:
- Bank loan funds using section subsidiaries for several large international investment managers, including a hybrid fund and CLO structure.
- The launch of a wide range of UCITS products including traditional long only equity, bond and money market funds.
- Acting for over half of the domiciled money market funds by AUM, with industry leading experience in innovative areas and accumulation share classes.
This firm is the gold standard amongst a choice of providers. The lawyers are knowledgeable and always know what is coming down the line.”