Bankruptcy - Law Dictionary Search Results
Home Dictionary Name: bankruptcybankruptcy
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...
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...
Bankruptcy debt
Bankruptcy debt, in relation to a bankrupt, means (1) any debt or liability to which he is subject at the commencement of the bankruptcy or (b) any debt or liability to which he may become subject after the commencement of the bankruptcy (including after his discharge from bankruptcy) by reason of any obligation incurred before commencement of the bankruptcy, R (Steele) v. Birmingham City Council, (2006) 1 WLR 2380 (CA).Bankruptcy debt, in relation to a bankrupt, means (1) any debt or liability to which he is subject at the commencement of the bankruptcy (b) any debt or liability to which he may become subject after the commencement of the bankruptcy by reason of any obligation incurred before the commencement of the bankruptcy, Glenister v. Rowe, (1999) 3 WLR 716 (CA)....
Bankruptcy notice
Bankruptcy notice, a notice (taking the place of the 'debtor's summons' (see that title) under the (English) Bankruptcy Act, 1869) to pay a judgment debt for any amount, non-compliance with which notice within a limited time amounts, by s. 1(1)(g) of the (English) Bankruptcy Act, 1914, to an 'act of bankruptcy.' The notice may be given by any creditor who has obtained a 'final judgment' or 'final order,' and if the debtor does not within seven days of service of the notice, if served in England, either comply with its requirements or satisfy the Court that he has a cross demand equalling or exceeding the judgment debt, and which he could not set up in the action in which judgment was obtained, he commits an 'act of bankruptcy' (see that title). Two or more debts cannot be included in one notice. A substantial defect in the notice cannot be amended [Re a Debtor, 1908 (2) KB 684]....
bankruptcy court
bankruptcy court : a court that is a unit of a federal District Court and has original jurisdiction over bankruptcy cases NOTE: Bankruptcy courts were created by Congress as part of the 1898 Bankruptcy Act. Article I, Section 8 of the U.S. Constitution gives Congress the power to establish “uniform laws on the subject of bankruptcies throughout the United States.” ...
Bankruptcy
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....
Bankruptcy, Court of
Bankruptcy, Court of. The (English) Bankruptcy Act, 1914, ss. 96 et seq., gives jurisdiction in bankruptcy to the High Court and the county courts, the jurisdiction of the High Court being exercised by one of the judges assigned for that purpose by the Lord Chancellor, who is also empowered to exclude any county court and attach its district to the High Court.A U.S. district court that in exclusively concerned with administering bankruptcy proceedings; Black's Law Dictionary, 7th Edn....
Accountant in bankruptcy
Accountant in bankruptcy, an officer who had the management of the proceeds of bankrupts' estates. The repealed (English) Bankruptcy Act, 1861 (24 & 25 Vict. C. 134), s. 12, provided that upon the first vacancy the office should be abolished, and its duties discharged by the Chief Registrar. The funds in the Bank of England standing in his name were transferred (upon certain conditions) to the National Debt Commissioners, by 32 & 33 Vict. C. 91. See BANKRUPTCY....
Commission of bankruptcy
Commission of bankruptcy, the authority formerly given by the Lord Chancellor to certain commissioners, empowering them to proceed in the bankruptcy of a trader. Abolished by 1 & 2 Wm. 4, c. 56, s. 12; as to construction of unrepealed Acts mentioning it, see (English) Bankruptcy Act, 1914, s. 131....
Trustee in bankruptcy
Trustee in bankruptcy. A person appointed in a bankruptcy to collect and realize the property of the debtor and to distribute the proceeds among the creditors. The property of the debtor vests in the trustee on his appointment. See Bankruptcy Acts, 1914 and 1926....
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