Sentence examples for cessation of payment from inspiring English sources
Firstly, it consists in the statement of cessation of payment.
The French law of 1985, preserving vestiges of the traditional relation-back theory, invalidates payments of debts made after their due date and the date of the cessation of payments if the recipient had knowledge of the cessation of payments.
In addition, security interests or satisfaction obtained by the creditor after a cessation of payments or filing of a petition are voidable if the trustee shows that the creditor knew of the cessation of payments or petition.
Spain is one of the countries still adhering to the general invalidation of transactions following the cessation of payments.
Liquidation is decreed if the debtor has either resorted to cessation of payments or committed specified acts manifesting insolvency.
In Argentina the payment of matured debts with ordinary means may be voidable if the creditors knew of the cessation of payments.
In some of these laws (e.g., that of Mexico) the commission of these specific acts raises merely a presumption of a cessation of payments.
With the exception of Austria, Italy, and Switzerland, the countries listed above retract the effective date of adjudication to the date of the cessation of payments.
In Switzerland institution of liquidation proceedings likewise can be based on cessation of payments or on the commission of other specified acts of bankruptcy.
Although the system was much criticized for its erosion of Yemen's sovereignty, the cessation of payments left many around the country without a vital source of income.
