Insolvency-Bancruptcy

Nikola Jacobs

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Seminar paper from the year 2002 in the subject Didactics - English - Discussion and Essays, grade: 2,2 (B), BVL Campus gGmbH (FB...

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Seminar paper from the year 2002 in the subject Didactics - English - Discussion and Essays, grade: 2,2 (B), BVL Campus gGmbH (FB English), course: Englisch 4. Semester, language: English, abstract: The first time I heard about the word insolvency was during my interview at Daewoo. The human resource manager asked me "We are in an insolvency, do you know what that means?". I answered "Yes" but it was a lie. Afterwards I asked my whole family about their experiences with insolvency. Some of them told me they did not know and others answered that insolvency is like bankruptcy. Nowadays I know that this was a wrong consideration. I received that kind of definition again and again when asking to define insolvency. It is also a common consideration, that a company who is in an insolvency is already brake. The public is not get informed although the new insolvency procedure exists since the 1st of January 1999. Only a few people know the differences between insolvency and bankruptcy. This is not amazing because there is a lack of information about this topic. During my search for information about the topic I pushed at boundaries again and again. I found for example only one book about the new insolvency order. However, you get more in the internet. Therefore, this work is based on information taken from the internet. I am still wondering about this fact because the insolvency openings are increasing nowadays. In the year 2001 the insolvency orders increased by 19 percent in whole Germany. In the first part of this year there is a growth of about 25 percent. In the following table, I would like to point out the current situation in Germany. [...]