The case for business rescue
CITATION: Lamprecht, C. 2010. The Case for Business Rescue. Accountancy SA, June:26-28.
The original publication is avaible at http://www.accountancysa.org.za/wordpress/
ENGLISH SUMMARY : The penalty for declaring bankruptcy in ancient Rome was slavery or being cut to pieces. The choice was left to the creditor. By the Middle Ages, the treatment of insolvent debtors had softened considerably. In northern Italy, bankrupt debtors hit their naked backsides against a rock three times before a jeering crowd and cried out, "I declare bankruptcy". In French medieval cities, bankkrupts were required to wear a green cap at all times, and anyone could throw stones at them. (World Bank, Doing business in 2004)