State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from the stockholders to the bondholders.
Found op http://www.nytimes.com/library/financial/glossary/bfglosb.htm
Anyone can go bankrupt, including individual members of a partnership. There are different procedures for dealing with companies and for partnerships themselves. When a bankruptcy order has been made you must:
-provide the Official Receiver with a full list of your assets and details of what you...
Found op http://www.encyclo.co.uk/local/20194
[n] - a state of complete lack of some abstract property 2. [n] - inability to discharge all your debts as they come due 3. [n] - a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
Found op http://www.webdictionary.co.uk/definition.php?query=bankruptcy
Bankruptcy is legal procedure for dealing with debts when you cannot pay.
Found op http://www.cccs.co.uk/glossary/glossary.xhtml
An order made under the Insolvency Act 1986 against an individual debtor (not a limited company) which signifies that he is unable to pay his debts and deprives him of his property which is distributed among his creditors. As a result of bankruptcy sbankrupt cannot trade or act as a company director...
Found op http://www.clickdocs.co.uk/glossary/bankruptcy.htm
A person is declared bankrupt by a Court which may happen at his own request or as a result of action taken by a creditor. A receiver will be appointed and assets be realised as effectively as possible.
Found op http://www.payontime.co.uk/collect/collect_glossary_b.html
This occurs when a person or a company is declared legally insolvent
Found op http://www.adverse-mortgage-centre.co.uk/adverse-credit-mortgage-glossary-p
In bankruptcy, the court is officially responsible for making a bankruptcy order against an individual. This is on the petition of a creditor on the grounds of insolvency, the individual themselves, by the supervisor of a failed individual voluntary arrangement or by the Secretary of State.
Found op http://www.encyclo.co.uk/local/20547
Where an insolvent person is made bankrupt by a court. A trustee in bankruptcy is appointed to distribute the bankrupt's assets amongst his creditors. Anyone owed £750 or more can file a bankruptcy petition at the High Court or the county court to declare the person bankrupt. The person who owes th...
Found op http://www.compactlaw.co.uk/legal_glossary/b/bankruptcy.html
This is an option a person may use if they do not pay their debts as and when they become due. They would lose control of their assets and would not be allowed to become a company director for the period of bankruptcy. Other occupations are also affected by bankruptcy and we recommend that you rea...
Found op http://www.encyclo.co.uk/local/20636
A situation where an individual is incapable of settling his/her debts and has been served a... <a target=_blank href='http://www.finance-glossary.com/terms/bankruptcy.htm?id=121&ginPtrCode=00000&PopupMode=false' title='Read full definition of bankruptcy'>more</a>
Found op http://www.finance-glossary.com/pages/home.htm
A person who is insolvent (unable to pay their debts) can be declared bankrupt. This means their assets and income become, for a period, by a trustee who attempts to clear what debts they can....more on Bankruptcy
Found op http://moneyterms.co.uk/
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