A composition with creditors is a common-law device for the compromise of debts. Pursuant to an agreement between an insolvent or financially embarrassed debtor and two or more creditors, the creditors, in consideration of an early payment, agree to discharge their respective claims on receipt of payment of a fraction of the amount the debtor actually owes. Additionally, a composition may take the form of an agreement by creditors to extend the time in which the debtor may pay the creditors' claims, or may consist in a total discharge of the debts. When executed, a composition operates as a complete discharge of the debtor as to all who share in it, and each assenting creditor is subsequently estopped from recovering on the original debt.
Composition agreements for the relief of insolvent debtors have been superseded, to a great extent, by proceedings under the Federal Bankruptcy Act and various state insolvency laws. They are, however, still of considerable importance in some jurisdictions.
New Orleans Louisiana Composition with Creditors with Installment Payments Secured by Notes of Debtor and Guarantor
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New Orleans
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An important river trade port, it was the headquarters of the community of merchants frequenting the Loire. It was the capital of the Kingdom of France during the Merovingian period and played an important role in the Hundred Years' War, particularly known for the role of Joan of Arc during the siege of Orleans.
From Mardi Gras to Halloween and Everything in Between. When you think of New Orleans, several things immediately come to mind: spicy Cajun and Creole cuisine, a vibrant cocktail culture, live music pouring out of clubs every night of the week, and one-of-a-kind museums and attractions.
What is New Orleans famous for? A true melting pot of cultures, New Orleans has a wealth of unique heritage and proud traditions. It is best known for its music, vibrant nightlife, numerous festivals, Creole and Cajun food, and colonial architecture.
La Nouvelle Orleans was named in honor of the Duke of Orleans, France's ruling regent until the young Louis XV could take the throne, but the French name was also chosen to encourage French settlers who would have balked at coming to a place with an Indian name like Biloxi or Natchitoches. French History in New Orleans neworleans.com ? multicultural ? cultures neworleans.com ? multicultural ? cultures
New Orleans is world-renowned for its distinctive music, Creole cuisine, unique dialects, and its annual celebrations and festivals, most notably Mardi Gras. The historic heart of the city is the French Quarter, known for its French and Spanish Creole architecture and vibrant nightlife along Bourbon Street.
Whether you're a life-long local or you're in town for your first visit to The Big Easy, there are plenty of things to explore for every taste and preference. French Quarter Phantoms has been voted Voted #1 in New Orleans & America's Top Ten for over 8 years in a row, so we know a thing or two about our city!
