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.
Read more about this topic: Grazer AK
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)
“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)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)