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A local government, which is a subsidiary of a state, is already allowed to file for bankruptcy under Chapter 9 of the Bankruptcy Code, as long as they are not forbidden to do so by the state. [7] In such municipal bankruptcies, the municipal government repudiate or modify contracts and debts. [3]
The bankruptcy judge dismissed the bankruptcy petition on the grounds that not all necessary branches of the municipal government had authorized the filing of the petition. Denied by courts [68] [69] Stockton, California: City 2012 291,700 Completed [70] San Bernardino, California: City 2012 209,900 $1,000,000,000 Completed [71]
May 3 (Reuters) - Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market.
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
The Welsh Local Government Association has estimated there is a £559m funding gap, caused in part by growing social care and schools costs, and would need a 7% increase in cash.
In February 2024, the Levelling Up, Housing and Communities Committee released their third Financial Distress in Local Authorities report. [105] Among its recommendations was that the government should make £4 billion of funding available to councils for the 2024-2025 financial year to prevent more bankruptcies and cuts to local services. [106]
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