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Bankruptcy Definition–noun, plural -cies. | 1. | the state of being or becoming bankrupt. | | 2. | utter ruin, failure, depletion, or the like. | |
From Dictionary
Related topics from Britannicabankruptcy
the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal ...
bankruptcy
The dire consequences of bankruptcy for the debtor, such as the loss and liquidation of his assets, criminal penalties, and loss of civil rights, resulted in the need for procedures avoiding such ...
bankruptcy
Since insolvency proceedings aim at a judicially approved or supervised rehabilitation or liquidation of the estate of an insolvent, the proceedings must be initiated in a court having the necessary ...
bankruptcy
bankruptcy
Normally the existing bankruptcy laws do not differentiate between foreign and domestic creditors in proceedings involving the estates of residents, at least if reciprocity exists between the ...
bankruptcy
Bankruptcy or insolvency laws vary considerably in their applicability to particular classes of persons. The West German act and, following its example, the Austrian and Japanese acts extend ...
insolvency
financial condition in which the total liabilities of an individual or enterprise exceed the total assets so that the claims of creditors cannot be paid. There are essentially two approaches in ...
Lehigh Valley Railroad Company
American railroad whose growth was based on hauling coal from the anthracite mines of northeastern Pennsylvania. Originally founded in 1846 as the Delaware, Lehigh, Schuylkill, and Susquehanna ...
bankruptcy
One of the most important aspects of bankruptcy legislation is the determination of the assets to be seized and sold for the purpose of distributing the proceeds among the creditors. Various legal ...
bankruptcy
One of the cardinal principles governing the liquidation of insolvent estates is the equal treatment of creditors-the classical par condicio creditorum. Debtors on the eve of bankruptcy, either of ...
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