Bankruptcy
What does Bankruptcy mean in American Law?
The definition of Bankruptcy in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
A legal proceeding, regulated in the U.S. by the federal Bankruptcy Act, in which an insolvent debtor, by surrendering his non-exempt assets for distribution to his creditors, may be granted a discharge from substantially all of his obligations. The Bankruptcy Act also provides for reorganization of debtors, i.e., a procedure for the rehabilitation rather than liquidation of the debtor’s estate or business.
Resources
Legal English Vocabulary: Bankruptcy in Spanish
Online translation of the English legal term bankruptcy into Spanish: Quiebra (English to Spanish translation) . More about legal dictionary from english to spanish online.
Related to the Legal Thesaurus
Resources
See Also
Petition in Bankruptcy.
Banking and Credit ; Capitalism ; Commerce and Markets ; Economic Crises ; Interest ; Taxation.
Business Failure/Dissolution
Further Reading
Alsop, J. D. “Ethics in the Marketplace: Gerrard Winstanley’s London Bankruptcy, 1643.” Journal of British Studies 28 (1989): 97-119.
Bonney, R. J. “The Failure of the French Revenue Farms, 1600-60.” Economic History Review 32 (1979): 11-32.
Bosher, J. F. “Success and Failure in Trade to New France, 1660-1760.” French Historical Studies 15 (1988): 444-461.
Dent, Julian. “An Aspect of the Crisis of the Seventeenth Century: The Collapse of the Financial Administration of the French Monarchy (1653-61).” The Economic History Review 20 (1967): 241-256.
Duffy, Ian P. H. “English Bankrupts, 1571-1861.” American Journal of Legal History 24 (1980): 283-305.
Ehrenberg, Richard. Das Zeitalter der Fugger: Geldkapital und Creditverkehr im 16. Jahrhundert. 2 vols. Jena, 1896.
Häberlein, Marc. Brüder, Freunde und Betrüger: Soziale Beziehungen, Normen und Konflikte in der Augsburger Kaufmannschaft um die Mitte des 16. Jahrhunderts. Berlin, 1998.
Hoffman, Philip T., Gilles Postel-Vinay, and Jean-Laurent Rosenthal. “Information and Economic History: How the Credit Market in Old-Regime Paris Forces Us to Rethink the Transition to Capitalism.” The American Historical Review 104 (February 1999): 64-99.
More Further Reading
-. “Redistribution and Long-Term Private Debt in Paris, 1660-1726.” The Journal of Economic History 55, no. 2 (1995): 256-284.
Hoppit, Julian. “Financial Crises in Eighteenth-Century England.” The Economic History Review 39 (1986): 39-58.
. Risk and Failure in English Business, 1700-1800. Cambridge, U.K., 1987.
Jones, W. J. “The Foundations of English Bankruptcy: Statutes and Commissions in the Early Modern Period.” Transactions of the American Philosophical Society 69, no. 3 (1979): 1-63.
Kerridge, Eric. Trade and Banking in Early Modern England. Manchester, U.K., 1988.
Lamoreaux, Naomi R. Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England. Cambridge, U.K., 1994.
Lovett, A. W. “The Castilian Bankruptcy of 1575.” Historical Journal 23 (1980): 899-911.
. “The General Settlement of 1577: An Aspect of Spanish Finance in the Early Modern Period.” Historical Journal 25 (1982): 1-22.
Marriner, Sheila. “English Bankruptcy Records and Statistics before 1850.” The Economic History Review 33 (1980): 351-366.
Muldrew, Craig. “Credit and the Courts: Debt Litigation in a Seventeenth-Century Urban Community.” Economic History Review 46 (1993): 23-38.
Bankruptcy in Law Enforcement
Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of bankruptcy.
Resources
See Also
- Law Enforcement Officer
- Police Officer
- Law Enforcement Agency
Further Reading
- bankruptcy in A Dictionary of Law Enforcement (Oxford University Press)
- bankruptcy in the Encyclopedia of Law Enforcement
- A Treatise on the Police of the Metropolis
English Legal System: Bankruptcy
In the context of the English law, A Dictionary of Law provides the following legal concept of Bankruptcy :
The state of a person who has been adjudged by a court to be insolvent (Compare winding-up). The court orders the compulsory administration of a bankrupt’s affairs so that his assets can be fairly distributed among his creditors. To declare a debtor to be bankrupt a creditor or the debtor himself must make an application (known as a bankruptcy petition) either to the High Court or to a county court. If a creditor petitions, he must show that the debtor owes him at least £750 and that the debtor appears unable to pay it. The debtor’s inability to pay can be shown either by: (1) the creditor making a formal demand in a special statutory form, and the debtor failing to pay within three weeks; or (2) the creditor of a *judgment debtor being unsuccessful in enforcing payment of a judgment debt through the courts. If the petition is accepted the court makes a *bankruptcy order. Within three weeks of the bankruptcy order, the debtor must usually submit a *statement of affairs, which the creditors may inspect. This may be followed by a *public examination of the debtor. After the bankruptcy order, the bankrupt’s property is placed in the hands of the *official receiver. The official receiver must either call a creditors’ meeting to appoint a *trustee in bankruptcy to manage the bankrupt’s affairs, or he becomes trustee himself. The trustee must be a qualified *insolvency practitioner. He takes possession of the bankrupt’s property and, subject to certain rules, distributes it among the creditors.
A bankrupt is subject to certain disabilities (See undischarged bankrupt). Bankruptcy is terminated when the court makes an order of *discharge, but a bankrupt who has not previously been bankrupt within the preceding 15 years is automatically discharged after three years.
See also voluntary arrangement.
Bankruptcy Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Bankruptcy in a way that is easy for anybody to understand: Legal process, governed by federal statute, whereby the DEBTS of an insolvent person are liquidated after being satisfied to the greatest extent possible by the DEBTOR’S ASSETS. During bankruptcy, the debtor’s assets are held and managed by a court appointed TRUSTEE.
United States Tax Concept of Bankruptcy
A person or company is considered bankrupt if they are unable to pay their bills and debts in a timely fashion. Under Chapter 11 (for businesses) and Chapter 13 (for wage earners) the bankrupt tries to reorganize his/its debts.
Bankruptcy Meaning in the U.S. Court System
A legal process—over which the federal courts have exclusive jurisdiction—by which persons or businesses unable to pay their debts can seek the assistance of the court in liquidating and reorganizing their assets and liabilities. Under the protection of the bankruptcy court, debtors may discharge their debts. Bankruptcy judges preside over these proceedings.
Meaning of Bankruptcy in the U.S. Legal System
Definition of Bankruptcy published by the National Association for Court Management: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may be released from or “discharged” from their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. The person with the debts is called the debtor and the people or companies to whom the debtor owes money to are called creditors.
Concept of Bankruptcy in the context of Real Property
A short definition of Bankruptcy: Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt’s property is distributed by the court to the creditors as full satisfaction of the debts. In accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor; involuntary by the creditors.
Concept of Bankruptcy in the context of Real Property
A short definition of Bankruptcy: Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt’s property is distributed by the court to the creditors as full satisfaction of the debts. In accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor; involuntary by the creditors.
Bankruptcy (Judicial Organization)
Bankruptcy
Bankruptcy
Bankruptcy
Resources
Further Reading
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Bankruptcy Code, Rules and Official Forms. (annual). St.
Paul, MN: West Publishing.
Cowans, David R. (1998). Bankruptcy Law and Practice. New
York: Lexus Publishing.
Epstein, David G., Nickles, Steve H., and White, James J.
(1993). Bankruptcy. St. Paul, MN: West Publishing.
ROY J. GIRASA - Bankruptcy in the Encyclopedia of Business and Finance, 3rd Edition, Macmillan Reference USA, 2014
Hierarchical Display of Bankruptcy
Business And Competition > Business organisation > Business activity > Liquidation
Trade > Trade policy > Commercial law
Business And Competition > Accounting > Accounting > Operating result > Financial loss
Law > Criminal law > Offence > Economic offence
Business And Competition > Accounting > Accounting > Operating result > Loss
Finance > Financial institutions and credit > Credit > Civil bankruptcy
Meaning of Bankruptcy
Overview and more information about Bankruptcy
For a more comprehensive understanding of Bankruptcy, see in the general part of the online platform.[rtbs name=”xxx-xxx”]
Resources
Translation of Bankruptcy
- Spanish: Quiebra
- French: Faillite
- German: Konkurs
- Italian: Fallimento
- Portuguese: Falência
- Polish: Upadłość
Thesaurus of Bankruptcy
Business And Competition > Business organisation > Business activity > Liquidation > Bankruptcy
Trade > Trade policy > Commercial law > Bankruptcy
Business And Competition > Accounting > Accounting > Operating result > Financial loss > Bankruptcy
Law > Criminal law > Offence > Economic offence > Bankruptcy
Business And Competition > Accounting > Accounting > Operating result > Loss > Bankruptcy
Finance > Financial institutions and credit > Credit > Civil bankruptcy > Bankruptcy
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