Two separate Irish governments deemed it worth allowing a small portion of the liabilities to be defaulted on.
After being seized by the government (Kaupthing was given an unhelpful shove into bankruptcy when the British government put its London subsidiary into administration), they have defaulted on their huge international liabilities.
Prosecutors have defaulted to relying on joint venture liability over plain old murder because they can't find the Glock.
Applying historical cash flow volatility to this new number gives you the probability of distress due to default on intangible liabilities.
They present a higher risk of defaulting on your liabilities, rather than giving you above average returns.
Thailand's Central Bankruptcy Court ruled that Thai Petrochemical, which defaulted on $3.5 billion in debt in 1997, had liabilities exceeding its assets and ordered the company to submit to court-supervised restructuring.
First, it let the banks default on liabilities to overseas creditors, including deposits in offshore accounts.
Some modicum of confidence about short-term lending is returning, and some of the worst-case scenarios about credit-default-swap liabilities are easing, but, overall, the credit and financing markets, including the municipal-bond market critical to state and local governments, remain almost frozen.
Athens is due to repay €1.6bn to the International Monetary Fund on 30 June – but the country has run out of cash and without a €7.2bn bailout payment from its creditors before the end of the month it would become the first eurozone country in the history of the currency bloc to default on its sovereign liabilities.
In the worst case scenario, the country could default and thereby limit its liability.
It was fears that Dubai World may default on some of its $59bn£36bnbn) liabilities that triggered a worldwide panic, sending stock markets plummeting.
