Bankruptcy
During the 2006–2007 season, 'Grazer AK' went into administration. The club was docked 28 points as a result. In the 2007–2008 season, the club was not allowed to participate in the professional leagues and was relegated to the Austrian Regional League Center. After a second bankruptcy, the club managed to achieve a settlement and accommodation with its creditors in September 2008, ensuring its survival.
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Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)