State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from the stockholders to the bondholders. Found on http://www.encyclo.co.uk/local/20047
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 owe and to whom;
-look after and then hand ov...Found on http://www.encyclo.co.uk/local/20194
- 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 bankruptcyFound on http://www.webdictionary.co.uk/definition.php?query=bankruptcy
Bankruptcy is legal procedure for dealing with debts when you cannot pay.
Found on 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 on http://www.encyclo.co.uk/local/20456
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 on http://www.encyclo.co.uk/local/20460
This occurs when a person or a company is declared legally insolventFound on http://www.encyclo.co.uk/local/20536
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 on 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 the debt can also apply to declare themselves bankru...Found on http://www.encyclo.co.uk/local/20550
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 read your employment contract. Bankruptcy will also ...Found on 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 on 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 BankruptcyFound on http://moneyterms.co.uk/
Process by which the property of an individual or organization unable to pay debts is taken away under a court order and divided fairly among the person's creditors, after preferential payments such...Found on http://www.encyclo.co.uk/local/20688
the formal recognition that a person cannot pay their debts as they are due. Note this only applies to individuals, companies and partnerships that become insolvent are wound up.
Found on http://www.businessballs.com/businesscontractstermsdefinitionsglossary.htm
Is an action that is filed in a federal bankruptcy court allowing a creditor to reorganize or discharge their credit obligations due to insolvency. A property owner may restrain foreclosure action by filing bankruptcy. Found on http://www.encyclo.co.uk/local/20965
; plural Bankruptcies 1.
The state of being actually or legally bankrupt. 2.
The act or process of becoming a bankrupt. 3.
Complete loss; -- followed by of
. Found on http://www.encyclo.co.uk/webster/B/12
The state of legal insolvency with assets taken over by judicial process so that they may be distributed among creditors. ... (12 Dec 1998) ... Found on http://www.encyclo.co.uk/local/20973
a legal process intended to insure equality among the creditors of a corporation declared to be insolventFound on https://www.encyclo.co.uk/local/20974
Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firm`s assets is transferred from the stockholders to the bondholders.Found on http://www.duke.edu/~charvey/Classes/wpg/bfglosb.htm
• (n.) The state of being actually or legally bankrupt. • (n.) Complete loss; -- followed by of. • (n.) The act or process of becoming a bankrupt.Found on http://thinkexist.com/dictionary/meaning/bankruptcy/
the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean ... [12 related articles]Found on http://www.britannica.com/eb/a-z/b/17
bankruptcy 1. The state of having been legally declared bankrupt. 2. Lack of resources; the complete lack of a particular quality, especially good or ethical qualities; moral bankruptcy.Found on http://www.wordinfo.info/words/index/info/view_unit/1875/
The inability to pay debts. Discover What It`s Like to Live Easy With EquiTrendFound on http://www.equitrend.com/glossary200.xhtml
Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or "discharged" from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over t...Found on http://www.encyclo.co.uk/local/21681
a federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.Found on https://www.encyclo.co.uk/local/21674
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