Insolvency Act - Law Dictionary Search Results
Insolvency
Matched in: Term Insolvency
Bankrupt
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 … 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
Property
profits of which any person has a disposing power which he may exercise for his own benefit. [Provincial Insolvency Act, 1920 (5 of 1920), s. 2 (1) (d)] Includes in the case of a wife any property to … Thirtha Swamiar of Shirur Mutt, AIR 1954 SC 282: (1954) SCR 1005. (iv) The word 'property' in the Insolvency Act is used in the widest possible sense which includes even property which may belong to or is vested
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Insolvent
of business, or cannot pay his debts as they become due, whether he has committed an act of insolvency or not. [Sale of Goods Act, 1930 (30 of 1930), s. 2(8)]
Executor
thus classed:- (1) He will not be allowed as against creditors extravagant funeral expenses if the testator died insolvent; and if he neglects to secure the property, and loss ensue, he will be personally liable for a … of the property according to his testamentary provisions after his decease. One who performs or carries out some act, Black's Law Dictionary, 7th Edn., p. 591. The leading duties and responsibilities of an executor may be thus
Creditor
OF ASSETS, and COMPANY. (ii) includes a decree-holder, 'debt' includes a judg-ment-debt, and 'debtor' includes a judgement-debtor. [Provincial Insolvency Act, 1920, s. 2 (1) (a)] In relation to a bankrupt, means a person to whom any of the … whom any of the bankruptcy debts is owed, being, in the case of an amount falling within the Insolvency Act, 1986, s. 382(1) (c) Halsbury's Laws of England, Vol. 3(2), para 84, p. 52. Includes all creditors who
Administrator
the estate are willing to apply (Probate Rules, 120). Where the estate is known or believed to be insolvent, the Public Trustee can obtain a grant subject to certain conditions (Public Trustee Act, 1906, s. 6 (1);
Creditor's committee
Rules 1986, establish a committee ('the creditors' committee') to exercise the functions conferred on it by or under Insolvency Act, 1986 (UK) Halsbury's Laws of England, Vol. 3(2), para 316, p. 172.
Inspectorship, Deed of
Inspectorship, Deed of, an instrument entered into between an insolvent debtor and his creditors, appointing one or more person or persons to inspect and oversee the winding up … winding up of such insolvent affairs on behalf of the creditors. See COMPOSITION; and the repealed (English) Bankruptcy Act, 1869 (32 & 33 Vict. c. 71), ss. 125, 127. Compare' committee of inspection'; as to which, see
Company
company and to voting power at any general meeting of a company have effect with any necessary modifications, Insolvency Act, 1986, s. 435(1)(UK), Halsbury's Laws of England, Vol. 3(2), para 5, p. 10.
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