The second is contained in the federal Bankruptcy Code. The UFTA along with the Bankruptcy Code state that a transfer created by a person in debt is fraudulent with regards to the lender in cases where the debtor created the transfer with the “actual intention to hinder, delay or defraud” any specific lender of the person in
India prior to this had dated and redundant laws when it came to bankruptcy and insolvency provisions. The regime was not only flawed but was also inadequate and time consuming. The biggest discouraging factor for the investors and/or entrepreneurs was the fact that in order to recover from an ‘investment gone bad’, they would have to deal with a maze of scattered laws for the revival, to exit or for restructuring of the company. Nearly half a dozen laws covered the insolvency and bankruptcy provisions- ranging from the Indian Contract Act to SARFESI. The laws related to recovery of debts to banks, financial institutions, companies and winding up proceedings, sick companies, public and other statutory financial corporations.
According to Friedrichs, corporate crime relates to the mutually-beneficial relationship between government officials and corporate parties, which often produce the most noteworthy instances of white-collar crime (Friedrichs, 2016). He further defines corporate crime as mostly, or possibly entirely, absent from the financial sector (Friedrichs, 2016). Gottschalk and Rundmo (2014) provide additional insight into corporate crime by relating it to individual corporate officials who violate laws on behalf of the organizations for which they are under
White-collar crimes refer to a large range of frauds committed by business or government officials. These crimes are usually financially driven and non-violent, but it is not victimless. White-collar crimes can still destroy a company; harm family relations and cost money to individuals who are not involved in the incident. According to the Federal Investigation of Bureau (2015), this term was first introduced in 1939; as crimes committed by individuals who are trusted and obtain high position in his/her occupation. Common white-collar crimes in Hong Kong include fraud, money laundering and embezzlement etc.
Though there are abundant models available to predict bankruptcy conditions in financial firms the major constraint has been to choose the right model in predicting financial distress in non-financial firms. Global economies have become vigilant of the risks involved in corporate especially after the downfall of huge organizations like GLOBAL CROSSING, TYCO, and ADELPHIA. It is more significant as bankruptcy affects stakeholders such as: employees, stockholders and regulating agencies. In fact this has led to formation of Basel II regulations primary objective to minimize credit risk. Though diverse models exist to predict corporate bankruptcy choosing the right one amid them is
The most common forms of forgery can be easily classified and defined. The general definition of forgery cannot be well enough to include all crimes that can be committed. Therefore, legislatures make forgery laws broadly for including acts that are criminal in their effect and tendency, even though they are not within the earlier explanation of the offense. Federal Criminal Code makes forgery or counterfeiting and certain activities related to federal offenses. However, these federal laws do not permit the use of state statutes for convicting a defendant for copying federal income tax documents.
In order to talk about corporate criminal liability, we must demonstrate that the success of the establishment of this liability resulted from its acceptance and recognition as a significant aspect in the fight against crime. This recognition resulted from numerous debates over many years about corporate criminal liability. The successful implementation of corporate criminal liability depends on determining its appropriate scope, including liability at all stages of legal existence from incorporation to liquidation. Jurists have not agreed on a unified concept of criminal liability for legal persons. Some jurists emphatically deny the possibility of corporate legal person being criminally accountable for the crimes committed by it on the
Edward I. Altman, made the Altman Z-score (Altman, 1968) which considered distinctive economic ratios in a single score that decided the possibility of a company going into bankruptcy the usage of multiple discriminant analysis (MDA). The Z-Score model proved excessive predictive potential on businesses dealing with bankruptcy. The literature on econometric models for bankruptcy prediction is increasing and growing. As per Altman (1968), unhappiness, indebtedness, default and insolvency are 4 particular terms and all of them suggest that an enterprise is in failure. Any type of financial distress is a dreadful state of affairs for an enterprise.
Like any other aspects of the law, it needs to take into account the developments in society and adjust its rules accordingly. As mentioned previously, Target Holdings arose amidst the recession where commercial transactions fell into losses due to the misjudgments of the lender rather than a default by professionals. Hence, making them liable for more than what they actually should be is uncalled for. Target Holdings was a much needed change in the law and should be
INTRODUCTION Unlawful or unfair gain by deliberate deception is termed in law, as fraud. Fraud is both a civil wrong (i.e., a fraud victim is eligible for monetary compensation and/may sue the perpetrator to avoid the fraud) and a criminal wrong (i.e., the fraud perpetrator can be prosecuted and subsequently imprisoned by governmental authorities). Fraud may have various purposes such as monetary gain or other benefits, like obtaining a driver’s license by way of false statements.  Fraud has a common occurrence in the buying or selling of property, including real estate, Personal Property, and intangible property, such as stocks, bonds, and copyrights. Fraud is criminalized by State and Federal Statutes, but not all cases rise to the level