Debt Adjustment - Law Dictionary Search Results
Home Dictionary Name: debt adjustmentdebt adjustment
debt adjustment : the arrangements made for the repayment or satisfaction of debts in an amount or manner that differs from the original arrangements esp. in accordance with a bankruptcy plan under chapter 13 of the Bankruptcy Code ...
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...
bad debt recovery
bad debt recovery An account that you "wrote-off" as not collectable, but that was later paid by the customer. When this happens, you must adjust your accounts. Your company's adjusting entries would look something like this: A debit to accounts receivable in the amount of $500 and a credit to allowance for bad debts in the amount of $500; and a debit to cash in the amount of $500 and a credit to accounts receivable in the amount of $500. ...
Pecuniary liability
Pecuniary liability, The words 'pecuniary liability' in s. 2(6) of Displaced Persons (Debts Adjustment) Act, 1951, will cover any liability which is of a monetary nature and includes a mortgage debt, Rajkumari Kaushalya Devi v. Bawa Pritam Singh, AIR 1960 SC 1030 (1031): (1960) 3 SCR 570. [Displaced Persons Debt (Adjustment) Act, 1957, s. 2(6)(c)]...
Regimental Debts Act, 1893
Regimental Debts Act, 1893 (English) (56 & 57 Vict. c. 5), and the regulations made thereunder, provide for the payment of certain debts of a deceased person who was subject to military law out of the proceeds of his property in camp, etc., which property is to be seized by the committee of adjustment (q.v.)....
adjust
adjust 1 a : to determine the amount to be paid under an insurance policy in settlement of (a loss) b : to make new arrangements with creditors for the payment of (the debts of a debtor in bankruptcy) 2 : to calculate in accordance with a system [ing the basis] ...
Displaced debtor
Displaced debtor, S. 2(9) of the Displaced Persons (Debts Adjustment) Act 70 of 1951 defines a 'displaced debtor' as meaning 'a displaced person from whom a debt is due or is being claimed', Sukh Lal v. State Bank of India, AIR 1967 SC 543: (1967) 1 SCR 317....
No cause for such refusal
No cause for such refusal, the expression 'no cause for such refusal' within the meaning of clause (4) must mean no good cause for refusal. Therefore when an application is filed by a shareholder for an order directing the company to grant conversion of partly paid-up shares into fully paid-up shares and the company sets up some cause declining to carry out the conversion the Tribunal is authorised to adjudicate whether the cause set up by the company is a cause reasonably justifying refusal to comply with the requisition, Oriental Bank of Commerce v. Harcharn Das Loomba, AIR 1963 SC 1707 (1709): (1964) 2 SCR 231. [Displaced Persons Debts Adjustment Act, 1951, s. 19(4)]...
Place of residence
Place of residence, the expression 'place of resi-dence' connotes a place where a person has his dwelling house, which need not necessarily be permanent or exclusive. A person may have more places of residence than one at a given time. A place occupied by a person with the intention of setting up a fixed, though not permanent, abode, would be deemed to be a place of residence. Sojourn for a purely temporary purpose will not constitute residence, and the place of sojourn will not be deemed a place of residence within the meaning of the Act: but where a person possesses establishment at more places than oneand spends time more or less considerable in all those places, as exigencies of his occupation, vocation or fancy demand, he would be deemed to have a place of residence at each of those places. The words of the definition in s. 2(10) read with s. 2(6) are sufficiently wide to include the case of a person who had a place of residence in India as well as a place of residence in an area ...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
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