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Bankruptcy charge |
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Bankruptcy 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.Bankruptcy charge Similar MatchesLegal bankruptcyLegal bankruptcyA legal proceeding for liquidating or reorganizing a business. BankruptcyBankruptcyA 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'. Bankruptcy riskBankruptcy riskThe risk that a firm will be unable to meet its debt obligations. Also referred to as default or insolvency risk. Trustee In BankruptcyTrustee In BankruptcyOne appointed by a bankruptcy court, and in whom the property of the bankrupt vests. The trustee holds the property in trust, not for the bankrupt, but for the creditors. Voluntary bankruptcyVoluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy. Further SuggestionsBankruptcyImplicit Bankruptcy Costs Trustee in bankruptcy Bankruptcy view Prepackaged bankruptcy Bankruptcy cost view |
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