Bankruptcy Lawyer Mona Utah

bankruptcy attorney Mona Utah

What would happen if the UK went bankrupt?

Imagine you wake up one morning to find that Britain has declared bankruptcy. The pound has been dropped as a currency and the country is no longer able to pay its debts. The financial system is in meltdown and there are no laws to stop the banks from collapsing.

“Britain’s public finances were in dire straits, the government admitted yesterday – but it said there was no need for panic.”

After the bankruptcy

The first thing to happen would be a run on the banks. People would rush to withdraw their savings and as this happened, banks would start to go bankrupt. Rather than pay out their customers’ money, they’d be more likely to close their doors or freeze people’s accounts. This would mean that people wouldn’t be able to get at their life savings. They wouldn’t be able to buy food or petrol and so queues at supermarkets and petrol stations would start to build up. Because supermarkets are reliant on suppliers who deliver using trucks, shortages of fuel might mean that food warehouses couldn’t be restocked.

Donald Rumsfeld

Donald Rumsfeld, who was secretary of defense under President George W Bush when the US experienced similar bank failures in 2008, predicted this scenario.

It’s not likely going to happen

While it’s not likely going to happen, the UK could technically go bankrupt. If the UK went bankrupt, the UK would have to present its debt in the form of IOUs to China, Russia, and other countries. The government would then be responsible for repaying these debts over a long period of time.

Here’s a list of some banks that went bankrupt in the UK

-Northern Rock

-Lloyds TSB

-Royal Bank of Scotland

-Halifax Bank of Scotland

This list of banks in the UK that went bankrupt will bring you up to speed with the history of the banking industry in the United Kingdom.

One of the most famous bank failures of all time was that of Barings Bank, which was established in 1762 and continued until 1995 when it was bought out by ING Group. In 1995, Barings Bank became embroiled in a scandal after Nick Leeson lost $1.3 billion in futures trading, leading to its collapse. The bank itself was not at fault for Leeson’s actions, but it had assumed responsibility because he was acting on behalf of the company.

If you have any questions, you can get a free consultation with the Best Attorneys in Utah.

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506


When you need a Bankruptcy Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Real Estate Attorney

Probate Lawyer

Estate Planning Attorney

Child Custody Lawyer

Divorce Lawyer

Business Lawyer

Ascent Law LLC St. George Utah Office

Ascent Law LLC Ogden Utah Office

Directions from Orem Utah to Ascent Law LLC West Jordan Utah

Directions from Holladay Utah to Ascent Law LLC West Jordan Utah

Directions from Vivent Arena Salt Lake City Utah to Ascent Law LLC West Jordan Utah

Mona, Utah

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

Mona, Utah
Mona city office

Mona city office
Location in Juab County and state of Utah

Location in Juab County and state of Utah
Coordinates: 39°48′55″N 111°51′23″WCoordinates39°48′55″N 111°51′23″W
Country United States
State Utah
County Juab
Settled 1852
Incorporated 1924
Became a city April 1, 2001
Named for Isle of Man

 • Mayor Bill Mills[1]

 • Total 2.62 sq mi (6.79 km2)
 • Land 2.59 sq mi (6.71 km2)
 • Water 0.03 sq mi (0.08 km2)

4,974 ft (1,516 m)

 • Total 1,547
 • Estimate 

 • Density 697.68/sq mi (269.40/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-51140[5]
GNIS feature ID 1443548[3]

Mona is a city in Juab CountyUtahUnited States. As of the 2010 census it had a population of 1,547.[6] It is part of the Provo–Orem metropolitan area.

The city is about halfway between Santaquin and Nephi along Interstate 15. The population was 850 at the 2000 census, which at the time was sufficient under Utah state law for Mona to become a city.[7] It did so in 2001.

A farm owned by Young Living raises 200 acres (0.81 km2) of lavender on the north side of town.[8] Mona is known for its annual Lavender Festival.

No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...

Comments are closed.