|
|
Bankruptcy |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
BankruptcyProceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt's property is distributed by the court to the creditors as full satisfactions of the debts, in accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor for, involuntary by the creditors.BankruptcyA 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'.Similar MatchesTrustee 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. Bankruptcy viewBankruptcy viewThe argument that expected bankruptcy costs preclude firms from financing entirely with debt. Trustee in bankruptcyTrustee in bankruptcyAn appointed trustee who supervises and administers the affairs of a bankrupt company or individual. Bankruptcy riskBankruptcy riskThe risk that a firm will be unable to meet its debt obligations. Also referred to as default or insolvency risk. Further SuggestionsPrepackaged bankruptcyBankruptcy cost view Implicit Bankruptcy Costs Legal bankruptcy Bankruptcy charge |
|
|
|