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Voluntary bankruptcy |
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Voluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy.Voluntary bankruptcy Similar MatchesBankruptcy chargeBankruptcy 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. Implicit Bankruptcy CostsImplicit Bankruptcy CostsOpportunity costs incurred prior to the bankruptcy process such as the loss of sales or financing. 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. 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. 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'. Further SuggestionsTrustee in bankruptcyBankruptcy view Bankruptcy Bankruptcy cost view Bankruptcy risk Legal bankruptcy |
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