Bankruptcy

Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example, liquidation and administration are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.

Read more about BankruptcyEtymology, History, Modern Law and Debt Restructuring, Fraud

Other articles related to "bankruptcy":

Bankruptcy - In Individual Countries - Europe in General
... An increase in the number of bankruptcy cases does not necessarily entail an increase in bad debt write-off rates for the economy as a whole ... Bankruptcy statistics are also a trailing indicator ... There is a time delay between financial difficulties and bankruptcy ...
Fraudulent Conveyances Act 1571 - United States
... Both the Bankruptcy Act of 1938 and the Bankruptcy Reform Act of 1978 also included their own versions of the UFCA, thus ensuring that bankruptcy trustees can "avoid" (in other words, reverse ...
Lord Nicholas Hervey - Illness, Bankruptcy, and Death
1986 he graduated from Yale University, and in 1991, after being forced to declare bankruptcy, voluntarily underwent treatment in a clinic ... He was forced to declare bankruptcy due to his owing £38,000, which the trustees of his trust refused to fund, to lawyers of the defendants following the failure ... Rich List (in 2003 her wealth was estimated at £45,000,000), did not act to prevent the bankruptcy, which immediately preceded his institutionalization ...
My Rich Uncle - Bankruptcy
... On February 9, 2009, MRU filed for Chapter 7 bankruptcy liquidation and suspended all operations ... The company received a payment acceleration notice from Longview Marquis Master Fund LP due to the breach of a loan covenant ...
Reddy Ice
... The company declared Chapter 11 bankruptcy on April 5, 2012, in Dallas citing $434 million in assets against $531 million liabilities ... According to a prepackaged bankruptcy plan backed by Centerbridge Partners the company would merge Arctic Glacier which is also in bankruptcy with Centerbridge forgiving the debt in exchange ...

Famous quotes containing the word bankruptcy:

    Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.
    Eric Hoffer (1902–1983)

    A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.
    Washington Irving (1783–1859)

    You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.
    Henry David Thoreau (1817–1862)