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As the EU Standardizes Its General Trade Regulations and Currency,creating

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As the EU standardizes its general trade regulations and currency,creating an economic community has created a homogeneous marketplace in Europe.


Definitions:

Prepetition Assets

Assets that a debtor owned before filing for bankruptcy protection.

Bankruptcy Estate

The assets that are collected from a debtor who files for bankruptcy.

Bankruptcy Remedies

Legal measures available to individuals or businesses that are unable to repay their debts, providing a way to resolve insolvency issues.

Chapter 7 Bankruptcy

A provision of the bankruptcy code that allows for the liquidation of a debtor's assets to pay off creditors; often referred to as straight or liquidation bankruptcy.

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