Bankruptcy - Definition - Law Dictionary Home Dictionary Definition bankruptcy

Definition :

Bankruptcy, refers to proceedings of which bankruptcy was the principal subject-matter and does not include a property claim brought by a trustee in bankruptcy in respect of bankrupt's assets vested in him; and that, accordingly, the proceedings were not excluded, Ashourst v. Pollard, (2000) 1 WLR 722 (CA).

Bankruptcy, is the statutory procedure usually triggered by insolvency by which a person is relieved of most debts and undergoes a judicially supervised reorganization or liquidator for the benefit of that person's creditors, Black Law Dictionary, 7th Edn., p. 141.