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...
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)]...
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 ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
extinguish
extinguish 1 : to cause the nonexistence of : do away with 2 : to cause (as a claim or right) to be void : nullify 3 : to get rid of (a debt or other liability) by payment or other compensatory adjustment ex·tin·guish·able adj ex·tin·guish·ment n ...
liquidate
liquidate -dat·ed -dat·ing vt 1 : to determine by agreement or litigation the precise amount of ;also : to settle (a debt) by payment or other adjustment 2 a : to determine the liabilities and apportion the assets of esp. in bankruptcy or dissolution [ a corporation] compare bankruptcy b : to convert (as assets) into cash [ an estate] vi : to liquidate something (as a corporation) liq·ui·da·tion [li-kwə-dā-shən] n ...
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. ...
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