|
FYI: Bankruptcy & Insolvency Are Not The Same
"Bankruptcy is a legal status. A person is not a bankrupt unless he has been so declared ("adjudicated") in a bankruptcy court. Insolvency, on the other hand is a financial status. It has two meanings:
"Insolvency in the state or equity sense. Insolvency in the state or equity sense of the term means inability to meet one's debts as they mature. One may be "worth" a million dollars in frozen assets, yet be insolvent in the equity sense because of inability to meet a $100,000 note when it falls due.
"Insolvency in the bankruptcy sense. Under the Bankruptcy Act a person is insolvent if the aggregate value of his assets is not at fair valuation sufficient to pay his debts. Thus, if one's entire assets, liquid or otherwise, are worth $90,000 at a fair valuation , and his liabilities amount to $1000, 000, he is insolvent in the bankruptcy sense of the term." Levine, A. Lincoln. Manual On Commercial Law, National Edition. 1948. Chp. XVI, p. 645
__________________
Grammar & style are NOT strawman theories!!!
Quote:
|
Originally Posted by Soldier of Truth
There is no foundation or support for "persons" in the English language, or in the rules of grammar of the English language, any more than it is for one's name to be "correctly" and "properly" spelled IN ALL CAPITAL LETTERS.
|
Quote:
|
Originally Posted by Little Brother 192
What on Earth are you referring to when you say "Rules of grammar?" I have no idea what argument you trying to make. I also therefore have no idea what you are referring to in my essay.
|
"To hold a pen is to be at war." Voltaire
|