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Legal bankruptcy |
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Legal bankruptcyA legal proceeding for liquidating or reorganizing a business.Legal bankruptcy 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'. 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 bankruptcyAn appointed trustee who supervises and administers the affairs of a bankrupt company or individual. Bankruptcy viewBankruptcy viewThe argument that expected bankruptcy costs preclude firms from financing entirely with debt. Voluntary bankruptcyVoluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy. Further SuggestionsTrustee In BankruptcyBankruptcy Implicit Bankruptcy Costs Prepackaged bankruptcy Bankruptcy cost view Bankruptcy charge |
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