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Bankrupt |
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BankruptOne who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).Bankrupt Similar MatchesBankruptcyBankruptcyA situation where an individual is incapable of settling his/her debts and has been served a bankruptcy order by a court.The petition can either be filed by the individual concerned, or by his/her creditors. An inquiry into the debtor's affairs is made by the Official Receiver and the debtor's assets are realised and distributed among creditors.Personal pension assets are not included under the bankrupt's distributable assets for petitions made after May 29, 2000, unless the bankrupt has deliberately put assets into a personal pension specifically to avoid paying creditors. Money in occupational pensions schemes is also excluded.The equivalent process for companies is 'liquidation'. Implicit Bankruptcy CostsImplicit Bankruptcy CostsOpportunity costs incurred prior to the bankruptcy process such as the loss of sales or financing. Legal bankruptcyLegal bankruptcyA legal proceeding for liquidating or reorganizing a business. Bankruptcy chargeBankruptcy chargeThis is an investigation carried out by the Land Charges Registry to check if a purchaser is or has ever been bankrupt. Most mortgage lenders will insist on this search being carried out and it usually carries a small charge. Voluntary bankruptcyVoluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy. Further SuggestionsBankruptcy riskBankruptcy Bankruptcy cost view Trustee In Bankruptcy Trustee in bankruptcy Prepackaged bankruptcy Bankruptcy view |
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