- published: 11 Dec 2013
- views: 1054885
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example liquidation and administration, are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.
The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken). A "bank" originally referred to a bench, which the first bankers had in the public places, in markets, fairs, etc. on which they tolled their money,[clarification needed] wrote their bills of exchange, etc. Hence, when a banker failed, he broke his bank, to advertise to the public that the person to whom the bank belonged was no longer in a condition to continue his business. As this practice was very frequent in Italy, it is said the term bankrupt is derived from the Italian banca rotta, broken bank (see e.g. Ponte Vecchio).
Taylor Alison Swift (born December 13, 1989) is an American singer-songwriter and occasional actress. Raised in Wyomissing, Pennsylvania, Swift moved to Nashville, Tennessee at the age of fourteen to pursue a career in country music. She signed to the independent label Big Machine Records and became the youngest songwriter ever hired by the Sony/ATV Music publishing house. The release of Swift's self-titled debut album in 2006 established her as a country music star. "Our Song", her third single, made her the youngest sole writer and singer of a number one song on the country chart. She received a Best New Artist nomination at the 50th Grammy Awards.
Swift's second album, Fearless, was released in late 2008. Buoyed by the chart success of the singles "Love Story" and "You Belong with Me", Fearless attracted a crossover audience and became the top-selling album of 2009. The record won four Grammy Awards, with Swift becoming the youngest ever Album of the Year winner. Fearless also received Album of the Year plaudits at the American Music Awards, Academy of Country Music Awards and Country Music Association Awards, making it the most awarded album in country music history. In 2010, Swift released her third album, Speak Now, which sold over one million copies in its first week. She then embarked on the 111-date Speak Now World Tour, which was attended by over 1.6 million fans and has become one of the highest-grossing concert tours of all time. The album's third single, "Mean", won two Grammy Awards for Best Country Song and Best Country Solo Performance. Swift is currently recording her fourth studio album, due for release in the fall of 2012.
Donald John Trump, Sr. (born June 14, 1946) is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have made him a well-known celebrity who was No. 17 on the 2011 Forbes Celebrity 100 list. He is well-known as a real-estate developer who amassed vast hotel, casino, and other real-estate properties, in the New York City area and around the world.
Trump is the son of Fred Trump, a wealthy New York City real-estate developer. He worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and renamed it The Trump Organization.
In 2010, Trump expressed an interest in becoming a candidate for President of the United States in the 2012 election. In May 2011, he announced he would not be a candidate, but a few weeks later he said he had not completely ruled out the possibility. In December 2011, Trump was suggested as a possible Vice Presidential selection by Michele Bachmann. Bachmann has since suspended her presidential campaign.