Technical Bankruptcy

Technical Bankruptcy

The state of a person or company that has defaulted on a liability and lacks the ability to pay it, but has not yet filed for bankruptcy or been declared bankrupt by a court.
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In spite of a debt burden of at least N150 billion and a pronouncement of technical bankruptcy, Governor Seyi Makinde on Wednesday noted that his administration was poised to tap into the capacities of the state to be prosperous.
The Government's austerity programme of slashing public expenditure and stealthily privatising the NHS and education is aimed at reducing the British state's technical bankruptcy due to having to bail out collapsing banks from 2008 onwards.
Juan Camilo Rodriguez, an equity analyst who is the author of the report, says that a correct adjustment of nuclear provisions would lead to the technical bankruptcy of the company.
Apparently, NEK is in a state of technical bankruptcy, which is worrying for all of us as investors and Bulgarian citizens," she explained.
I had one customer that was in a technical bankruptcy, but their Dun & Bradstreet PAYDEX was still 80.
"This is a technical bankruptcy and it is not anticipated that it will be in place for long as an application for an annulment will be submitted in the next few days.
The industry thinks retaining this obligation could push some companies down the road to technical bankruptcy. The car makers believe the European Commission has obviously underestimated the cost of the operation by putting forward an assumption of an average Euro 100 per car.
Despite technical bankruptcy, British forces were deployed in support of British interests around the globe, from Palestine to India, Germany to Indo-China.
The sublessee argued that this was improper, on a variety of grounds, presenting a mix of technical bankruptcy and landlord-tenant issues.
The Ministry may authorize a foreign investor to acquire any proportion of stocks or capital of any corporation, above 49%, in the following cases * When the corporations is in difficult financial situation, such as technical bankruptcy, in default of payments of foreign debt, or in sharp reduction of sales due to market conditions, or * When the corporation is required to make new investments to increase production of goods or services, to produce a new line of export products, or to apply new technologies.
According to a letter of Boyan Boev, executive director of the Bulgarian Energy Holding (BEH), as cited by mediapool.bg, the measure will achieve three goals, including to balance the system, which is currently plagued by a deficit which cannot be covered with the existing electricity prices, to capitalize the National Electric Company (NEK), which is currently in a state of technical bankruptcy with debts of over BGN 2 B, and to once again reduce electricity prices for household consumers, which were downsized by 4.5% in August.

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