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    Bankruptcy and Survival in Times of Economic Uncertainty: Practical Tips for Surviving the Economic Downturn/Recession
    Bankruptcy and Survival in Times of Economic Uncertainty: Practical Tips for Surviving the Economic Downturn/Recession
    Bankruptcy and Survival in Times of Economic Uncertainty: Practical Tips for Surviving the Economic Downturn/Recession
    Ebook106 pages44 minutes

    Bankruptcy and Survival in Times of Economic Uncertainty: Practical Tips for Surviving the Economic Downturn/Recession

    By Shafii A. Ndanusa MBA ACCA

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    About this ebook

    Bankruptcy and Survival in times of Economic Uncertainty is a book about the potential impact of bankruptcies on individuals, households, businesses and nations. The effect of economic downturns on the mental and physical health of people is highlighted. The book traces the background history of economic crises beginning with the Great Depression to the looming European sovereign debt crisis. The second part focused on different dimensions of bankruptcy. The concluding part of the book presents a collection of five step tips for individuals, businesses and nation states as recommendations in the course of crafting an economic survival plan.
    LanguageEnglish
    PublisherXlibris UK
    Release dateNov 21, 2011
    ISBN9781465383112
    Bankruptcy and Survival in Times of Economic Uncertainty: Practical Tips for Surviving the Economic Downturn/Recession
    Author

    Shafii A. Ndanusa MBA ACCA

    Shafii Ndanusa; an acknowledged finance expert is a chartered accountant with membership of the Association of Chartered Certified Accountants (ACCA, United Kingdom) and the Institute of Chartered Accountants of Nigeria (ACA, Nigeria). He is a Fellow of the American Academy of Financial Management (FAAFM, USA) and also holds the Master Financial Professional (MFP) charter of the Academy. He holds a Bachelor’s degree in Accounting and an MBA with specialization in Finance. He has acquired over fifteen years of professional experience covering corporate finance, strategy and administration. His hobbies include reading, writing and coaching. He lives in Abuja, Nigeria.

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      Book preview

      Bankruptcy and Survival in Times of Economic Uncertainty - Shafii A. Ndanusa MBA ACCA

      Copyright © 2011 by Shafii A. Ndanusa MBA, ACCA.

      ISBN:          Softcover                                 978-1-4653-8310-5

                         Ebook                                      978-1-4653-8311-2

      All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.

      This book was printed in the United States of America.

      To order additional copies of this book, contact:

      Xlibris Corporation

      0-800-644-6988

      www.XlibrisPublishing.co.uk

      Orders@XlibrisPublishing.co.uk

      302908

      CONTENTS

      PART ONE
      BACKGROUND HISTORY OF ECONOMIC CRISES
      CHAPTER ONE History of Global Economic Crises
      CHAPTER TWO The Great Depression of the 1930’s
      CHAPTER THREE The 2007/2008 Global Financial Crisis
      CHAPTER FOUR The Looming European Sovereign Debt Crisis
      PART TWO
      BANKRUPTCY AND THE INDIVIDUAL, THE BUSINESS AND THE NATIONAL ECONOMY
      CHAPTER FIVE Personal/Individual Bankruptcy
      CHAPTER SIX Business/Company Bankruptcy
      CHAPTER SEVEN National Bankruptcy
      PART THREE
      CRAFTING THE ECONOMIC SURVIVAL PLAN
      CHAPTER EIGHT Crafting a Survival Plan: The Individual
      CHAPTER NINE Crafting a Survival Plan—The Business
      CHAPTER TEN Crafting a Survival Plan—The Nation

      DEDICATION

      To the millions of people who are victims of the present

      modern economic systems… in all nations of the world

      ACKNOWLEDGMENTS

      A special learning experience comes with writing books. You come to learn that every successful effort that results in a book is in fact the result of team effort. So while the author of a book takes final credit for its creation, the real credit is actually for those that made tremendous contributions in the process of completing the book.

      The biggest support I received came from members of my family. I must thank them especially for their never ending words of encouragement.

      Because this book has a slight touch of academic flavor to it, I would also like to thank my academic tutors at the university who made sure I was sufficiently drilled in the areas of business and economic research. Some of my greatest lessons were learnt from fellow students and colleagues at work. As I recall each of those lessons, I wish to thank all those who have contributed to this effort knowingly or unknowingly.

      INTRODUCTION

      I am quite certain that a lot of people will agree with me that some of the most disturbing pictures they have ever laid eyes on are those of starving children in the Horn of Africa. This part of the world, notorious for its harsh climatic conditions as well as seemingly unending human strife is by far one of the most difficult parts of the world to thrive in, in economic terms. The pictures of some people wallowing in abject poverty, starvation, disease, destitution and death from this region of the world is almost unbearable for most people. For me, each day I set eyes on even one of those images I find it difficult to eat for the rest of the day. I don’t know what it is like for other people but the experience ranges from a feeling of pity for the victims, personal sadness and disappointment with governments and political leadership.

      If you carefully take a look at the experiences of the victims of the Great Depressions of the 1930’s in the United of America, you will notice a similar pattern. When the drought hit the region and compounded the already fragile economic situation, farmers who are normally shielded to a certain extent from an economic recession became completely exposed to the economic crisis. A lot of small farmers were out of business. Families lost not only their farms, savings and other investments, they also lost their homes. Joblessness and homelessness practically turned individuals and households into destitute situations. Large numbers of people lived on hand-outs, fed from the refuse bins and roamed the country in search of a better life. The crime rate soared in most American cities in addition to the high incidence of poor mental health.

      The difference between the Horn of Africa scenario that is being experienced now and the experience of the victims of the Great Depression of the 1930’s in the United States is simply time and location. People, all over the world are concerned about providing first for their physiological needs of basic food, basic clothing, basic shelter and basic health. When the provision of these needs are threatened either by natural or man-made factors, the very survival of the individual itself is at risk. This threat creates anxiety and leads to desperation. The resulting consequence is of course conflict and instability within the political and economic environment.

      With the looming European sovereign debt crisis, the International Monetary Fund is indeed of the view that the global economy is approaching a ‘dangerous new phase’. The way the collapse of the housing market in the United States triggered a financial crisis in the United States and thus led to the global financial crisis of 2007/2008

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