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Bankruptcy |
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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 MatchesVoluntary bankruptcyVoluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy. Prepackaged bankruptcyPrepackaged bankruptcyA bankruptcy in which a debtor and its creditors pre-negotiate a plan of reorganization and then file it along with the bankruptcy petition. Bankruptcy riskBankruptcy riskThe risk that a firm will be unable to meet its debt obligations. Also referred to as default or insolvency risk. Implicit Bankruptcy CostsImplicit Bankruptcy CostsOpportunity costs incurred prior to the bankruptcy process such as the loss of sales or financing. Trustee in bankruptcyTrustee in bankruptcyAn appointed trustee who supervises and administers the affairs of a bankrupt company or individual. Further SuggestionsBankruptcy chargeLegal bankruptcy Bankruptcy view Trustee In Bankruptcy Bankruptcy cost view |
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