The Bankruptcy courts
It is very important for us to first understand what the bankruptcy courts
are and what is their role. It is well known to all of us that
a company, firm, person etc has to file an application in the
court if it wants to declare itself bankrupt. Only then, the
creditors of the firm would take the legal route to realize
their money. Such courts are known as the bankruptcy courts
and they deal in the bankruptcy. Many companies declare themselves
bankrupt each year.
After examining the application, the bankruptcy courts appoint
an assignee that looks after the sale of the assets of the bankrupt
company and the distribution of the sale proceeds among the
various creditors of the company. Thus, the role of the bankruptcy
court is very important and sought after one. In each country,
there are various bankruptcy courts. In the United States too,
there are different bankruptcy courts in the different states.
One such state is the Delaware and here also, one finds the
bankruptcy court. Let us discuss about the bankruptcy court
in Delaware in our next part of discussion.
The Delaware Bankruptcy Court
The Delaware bankruptcy court is a part of the United States Bankruptcy court and it takes care of all the activities in the state of Delaware that are concerned with the bankruptcy. If any person wishes to contact the Delaware bankruptcy court, he can easily contact it at 302-573-6174. The toll free number of the bankruptcy court is 800-249-9857. The Delaware bankruptcy court is situated at 824 Market St. 5th Floor Wilmington DE 19801. The VCIS phone numbers of the Delaware bankruptcy court are the 302-573-6233 and 888-667-5530(toll free). A person can also contact the above court at its I.P address, which is 184.108.40.206. Over the past many years, this court has been helping the people of the Delaware in the different cases associated with the bankruptcy. Let us see what is the help available and the achievements of the Delaware bankruptcy court.
Help and the achievement of delaware bankruptcy court
For the past many years, the U.S bankruptcy court for the district of Delaware,
which is also known as the Delaware Bankruptcy Court, has been
helping the people in a great way in the matters concerning
bankruptcy and it can be rightly said that it is acting like
a center of attraction for the business bankruptcies. The judges
in the Delaware bankruptcy court are quite experienced and because
of their experience, they have been able to deliver successful
verdicts in many cases of bankruptcy put to them. The bankruptcy
court has the proximity to the most important financial centers
around the Delaware. In the past many corporate and other bodies
have filed application for the bankruptcy because of the friendly
state tax structures and the incorporation laws. All this has
made possible for many companies to file their bankruptcy application.
Thus, the court has given a totally new approach to the concept
of the bankruptcy. There are also many big bankruptcy cases
that have been filed to the court.
The most remarkable aspect of the various cases that have been
filed in the Delaware bankruptcy court is that most of the cases
relate to the big companies and corporate. The numbers of creditors
that have benefited from the verdicts of the Delaware bankruptcy
court are more than 1000 on an average. This gives us an idea
about the size of the corporate that file their application
for the bankruptcy with the Delaware bankruptcy court. The chapter
11 business bankruptcy of the Delaware bankruptcy court will
start at $100 million in assets. This amount is really a big
amount and this is the reason why the Delaware bankruptcy court
has the expertise in dealing with such big bankruptcy cases.
The achievements of the Delaware bankruptcy court can be gathered
from the fact that the national average of the bankruptcy filings
in the nation is about 1700 and in the case of Delaware bankruptcy
court, it is about 10000. I think the reader would certainly
be surprised by this fact, but it is absolutely true. Thats
why, the Delaware bankruptcy court has gained so much recognition
in the field of taking the bankruptcy cases in the whole nation.
If one consider the daily entries relating to the bankruptcy
of small business houses, the national average is 400. But in
the case of the Delaware bankruptcy court, it is nearly 5000.
It may rise to 7000-9000 on many occasions. Thus, it can be
said that the recognition and the achievement of the Delaware
bankruptcy court are really immense.
The one aspect in which the Delaware bankruptcy court lags behind the other bankruptcy courts in the nation is the number of authorized bankruptcy judgeships. This is because the judiciary ask for the complicated formula for the judgeship that consist of the various criteria and the standards and the number of cases, which are very large in the case of the Delaware bankruptcy court, makes the situation worse for the Delaware bankruptcy court. All the judges in the Delaware bankruptcy court are really overloaded. The national average of the bankruptcy filings per judge is about 1763. In the case of Delaware, it is about 11789. There is really a huge difference in the two and this is the reason why the Delaware bankruptcy court immediately needs to appoint the judges for the smooth functioning.
If one considers the number of visiting judges, the other court in the country has one or two judges that visit for help. However in the case of Delaware bankruptcy court, the number of visiting judges is about 13. This also gives us an idea about the workload in the Delaware bankruptcy court. Also, in other states, the number of cases that the visiting judges are allotted is one or two in the entire term, but in the case of Delaware bankruptcy court, it is about 6 or even more. This is because the Delaware bankruptcy court requires the experienced judges for taking up the bankruptcy cases in Delaware, most of which belongs to the big corporate and companies. Many judges even thank the Delaware bankruptcy court for giving them the opportunity.
Achievements are really commendable
Thus, it can be rightly said that the Delaware bankruptcy court is one of
the biggest bankruptcy courts in the nation. The volume of the
cases at Delaware bankruptcy court is really very big and the
court also deserves applause because to the nature of the cases
this court takes that up. Most of them belong to the big corporate
and companies. This is the reason why the Delaware bankruptcy
court has gained so much recognition and importance as well.
BANKRUPTCY IS A COMMON PHENOMENONIt
is known to all of us that the bankruptcy is a very common phenomenon
BANKRUPTCY AND THE RELATED LAWSThere
are different laws related to the bankruptcy in the different
BANKRUPTCY AND THE JUDICIARYWe
are all well aware of what is bankruptcy. It is basically a
process by which a pe..