Bankruptcy can be declared by an individual or business when in financial distress. Focusing on business bankruptcy, it protects the assets of the firm for the benefits of its creditors. Firms can file for Chapter 11 bankruptcy protection, where they attempt to reemerge as a going concern after...
What is the definition of bankruptcy? The following glossary is intended to aid readers in understanding the terminology used on this Ontario-based website. The definitions provided here are general interpretations, not legal definitions. If you have specific questions, please reach out to us. If ...
bankruptcy (noun) bankruptcy /ˈbæŋkˌrʌptsi/ noun plural bankruptcies Britannica Dictionary definition of BANKRUPTCY 1 a [noncount] : the condition of being bankrupt : a condition of financial failure caused by not having the money that you need to pay your debts The ...
bankruptcy - a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy" failure - lack of success; "he felt that his entire life had been a failure"; "that year there was a crop failure" 2. bankruptcy - inability to discharge ...
The meaning of BANKRUPTCY is the quality or state of being bankrupt. How to use bankruptcy in a sentence.
Bankruptcy can be declared by an individual or business when in financial distress. Focusing on business bankruptcy, it protects the assets of the firm for the benefits of its creditors. Firms can file for Chapter 11 bankruptcy protection, where they attempt to reemerge as a going concern after...
Liquidation: In bankruptcy, it means to sell off assets to pay off creditors. Insolvency: It's a financial state where an entity cannot pay off its debts on time. Debt restructuring: It's the process of modifying the terms of outstanding debt to make it easier to pay off....
Definition of Bankrupt BankruptBankrupt Bank"rupt, v. t. [imp. & p. p. Bankrupted; p. pr. & vb. n. Bankrupting.] To make bankrupt; to bring financial ruin upon; to impoverish. BankruptBankrupt Bank"rupt, n. [F. banqueroute, fr. It. bancarotta bankruptcy; banca bank (fr. OHG. ...
Bankruptcy law provides that individual debtors may keep certain exempt assets, such as a home, a car, and common household goods, thus maintaining a basic standard of living while working to repay creditors. Debtors are then better able to emerge as productive members of society, albeit with ...
trustee in bankruptcy (redirected fromBankruptcy trustee) Legal Financial n (Banking & Finance) a person entrusted with the administration of a bankrupt's affairs and with realizing his or her assets for the benefit of the creditors Collins English Dictionary – Complete and Unabridged, 12th Edition...