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Voluntary bankruptcy |
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Voluntary bankruptcyThe legal proceeding that follows a petition of bankruptcy.Voluntary bankruptcy Similar MatchesBankruptcyBankruptcyProceedings 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 bankruptcyTrustee in bankruptcyAn appointed trustee who supervises and administers the affairs of a bankrupt company or individual. 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 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. 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 SuggestionsBankruptcy cost viewImplicit Bankruptcy Costs Trustee In Bankruptcy Legal bankruptcy Bankruptcy risk Bankruptcy view |
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