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":

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 ...
My Rich Uncle - Bankruptcy
... On February 9, 2009, MRU filed for Chapter 7 bankruptcy liquidation and suspended all operations ...
Lord Nicholas Hervey - Illness, Bankruptcy, and Death
... 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 of the lawsuit ... at £45,000,000), did not act to prevent the bankruptcy, which immediately preceded his institutionalization ...
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 ...
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 ...

Famous quotes containing the word bankruptcy:

    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)

    The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.
    Hannah Arendt (1906–1975)

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