Voluntary bankruptcy


 

Home
Site Map
Add Term
Search
About Us
Contributors

Voluntary bankruptcy

The legal proceeding that follows a petition of bankruptcy.



Voluntary bankruptcy

Similar Matches

Bankruptcy

Bankruptcy

Proceedings 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.


Trustee in bankruptcy

Trustee in bankruptcy

An appointed trustee who supervises and administers the affairs of a bankrupt company or individual.


Prepackaged bankruptcy

Prepackaged bankruptcy

A bankruptcy in which a debtor and its creditors pre-negotiate a plan of reorganization and then file it along with the bankruptcy petition.


Bankruptcy charge

Bankruptcy charge

This 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

Bankruptcy

A 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'.


Further Suggestions

Bankruptcy cost view
Implicit Bankruptcy Costs
Trustee In Bankruptcy
Legal bankruptcy
Bankruptcy risk
Bankruptcy view


 
All rights Reserved. Do not copy without permission.