Bankrupt - Law Dictionary Search Results
Home Dictionary Name: bankruptBankrupt
Bankrupt [fr. bancus, or banque, the table or counter of a tradesman, and ruptus, Lat., broken, denoting thereby one whose shop or place of trade is broken or gone]. A debtor who does certain acts, tending to defeat or delay his creditors, may be adjudged bankrupt, and so made liable to the bankruptcy laws. Before the (English) Bankruptcy Act,1861 (24 & 25 Vict. c. 134), 'traders' only were liable to be made bankrupts, other insolvent debtors being dealt with by a succession of Relief of Insolvent Debtors Acts. See INSOLVENCY.Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cann...
Undischarged bankrupt
Undischarged bankrupt. Transactions by an un-discharged bankrupt with any person dealing with him bona fide and for value in respect of any property, real or personal, acquired by the bank-rupt after adjudication, are valid against the trustee if completed before he intervenes (Bankruptcy Act, 1914, s. 47). If an undischarged bankrupt, (a) obtains credit to the extent of ten pounds or upwards without giving notice that he is an undischarged bankrupt, or (b) engages in any trade or business under a name different from that under which he was adjudicated bankrupt without disclosing the latter name, he is guilty of a misdemeanour (ibid., s. 155)....
bankrupt
bankrupt : a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors [was adjudicated a ] — see also debtor adj : ruined financially ;esp : judicially declared a bankrupt [the company is ] compare insolvent vt : to reduce to bankruptcy [was ed by attorney's fees] ...
Conduct and affairs of a bankrupt
Conduct and affairs of a bankrupt, includes his conduct and affairs before the making of the order by which he was adjudged bankrupt, Insolvency Act, 1986, s. 289(4) (UK) Halsbury's Laws of England, Vol. 3(2), para 244, p. 138....
Cessionary bankrupt
Cessionary bankrupt, one who gave up his estate to be divided amongst his creditors....
Banking policy
Banking policy, means any policy means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (ca)]Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cannot meet current financial obligations, an insolvent person; Debt...
Insolvency
Insolvency, the state of one who has not property sufficient for the full payment of his debts. An insolvent, as distinguished from a bankrupt, was an insolvent who was not a trader: for until the passing of the (English) Bankruptcy Act, 1861, only a trader could be made bankrupt in the sense of obtaining an absolute discharge from his debts, while the future estate of an insolvent remained liable for his debts even after his discharge. The Acts from time to time in operation for the relief of insolvent debtors were 53 Geo. 3, c. 102; 1 & 2Vict. c. 110, ss. 23-120, 5 & 6 Vict. c. 122; 7 & 8 Vict. c. 96; 8 & 9 Vict. c. 127; 10 & 11 Vict. c. 102; and the (English) Bankruptcy Act, 1861 (24 & 25 Vict. c. 134), s. 230. By the (English) Bankruptcy Repeal and Insolvent Court Act, 1869 (32 & 33 Vict. c. 83), all the enactments on this subject theretofore existing were repealed, and provision was made for winding up and terminating all mattes pending under the Acts for the relief of insolvent d...
bankruptcy
bankruptcy pl: -cies 1 : the quality or state of a bankrupt [filed for ] 2 : the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors [the debt was discharged in ] [ proceedings] see also adequate protection Bankruptcy Code in the Important Laws section compare insolvency, receivership NOTE: Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called “voluntary bankruptcy,” or a creditor may petition the court to declare the debtor bankrupt, which is called “involuntary bankruptcy.” Involuntary bankruptcy is allowed only under chapter 7 or chapter 11 of the U.S. Bankruptcy Code. There are four types of relief available to individuals or corporations under the Bankruptcy Code: liquidation (chapter 7), reorganization (chapter 11), debt adjustment for a family farmer (chapter 12), and debt adjustment for an individual with a regular income (chapter 13). M...
debtor
debtor : a person who owes a debt see also bankrupt compare creditor, obligee, obligor NOTE: The Bankruptcy Act of 1978 calls the person concerned in a bankruptcy case the “debtor” as opposed to the “bankrupt.” ...
Act of Bankruptcy
Act of Bankruptcy, an act, the commission of which by a debtor renders him liable to be adjudged a bankrupt if the petition is presented within three months thereafter.Under s. 1 of the (English) Bankruptcy Act, 1914 (4 & 5 Geo. 5, c. 59), any one of the following acts of a debtor is an act of bankruptcy:-(a) Having made an assignment of his property in trust for his creditors generally.(b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part thereof.(c) Having made a conveyance amounting to a 'fradulent preference.'(d) Having, with intent to defeat or delay his creditors, departed out of England, or being out of England, remained out of England; or having absented himself; or begun to keep house.(e) If execution against him has been levied by seizure of his goods under process in any Court or in any civil proceeding in the High Court, and the goods have been either sold or held by the sheriff for 21 days:Provided that where an interpleader su...
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