Officials also pledged legal and regulatory reforms, including amendments to the Bankruptcy Act to speed up collateral collection by creditors, tighter supervision and examination of accounts of financial institutions, and tougher disclosure requirements to promote transparency.

CNN: UNDER THE KNIFE

The increase in bankruptcies has been attributed to the Bankruptcy and Diligence Act (2007) which came into effect this year.

BBC: Scottish bankruptcies up by 162%

The Adversary Action alleged fraudulent transfers under both Bankruptcy Code section 548 and the Colorado Uniform Transfer Act.

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Government must act the part, as it has in the United States through necessary laws such as bankruptcy and patent rights, protections through courts, incentives such as tax abatements and enabling bodies such as the Small Business Administration.

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