Citing the well-established principle that the trustee stood in the shoes of the debtor, the bankruptcy judge agreed with the victims, noting that the trustee had argued that the schemer had committed securities fraud under Alaska securities statutes.

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The AiB said that the drop between July to September was "mostly attributable to a fall in the number of awards of bankruptcy by debtor application".

BBC: Number of Scots going bust falls

Work is now in hand which should make emerging-market defaults more manageable in the future, by a system of bankruptcy proceedings which would enable a debtor to negotiate with its creditors and restructure its debts once a majority of them agree.

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Of the 3, 047 debtor applications received by the Accountant in Bankruptcy in the second quarter, 2773 had met the 'Low Income, Low Asset' (LILA) criteria outlined by the Act.

BBC: Scottish bankruptcies up by 162%

With no new Fox deal, sources say McCourt is going to seek debtor in possession financing and voluntary bankruptcy protection like the Texas Rangers did prior to the sale of the team to a group led by Nolan Ryan and Chuck Greenberg from Tom Hicks.

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Bankruptcy is a fairly straightforward proposition when a business goes belly up: A judge oversees the process of determining how much the debtor can pay and how much each creditor will be paid in the reorganization.

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