A person, firm, or corporation that has been declared insolvent through a court...
A trader who secretes himself, or does certain other acts tending to defraud his creditors.
A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.
A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities.
Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
When a person is unable to pay their debts, a court may order that their financial affairs be managed by a trustee to call in all assets and pay debts from available funds. Also referred to as insolventâ€¢ Bankruptcyâ€¢ Building Disputesâ€¢ Businessesâ€¢ Powers of Attorney
A person, firm, or corporation that is financially unable to pay debts when due. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts. In some cases, the debtor must surrender control of all assets to a court-appointed trustee.
One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).
Person or business incapable of paying outstanding debts and whose affairs have been ordered by a court into the control of a receiver. Before someone can be declared bankrupt, they must commit an act of bankruptcy, such as entering into a situation which shows that it is unlikely that ensuing debts will be paid.
A person who has been declared bankrupt in accordance with the Insolvency Act. A supervisor is appointed to receive a bankrupt person's earnings. The bankrupt is permitted to receive an allowance on which to live with the balance being reserved for their creditors. A bankrupt person is not permitted to hold a bank account or apply for credit in excess of £250 without the court's permission.
A person, company, or corporation that, through formal court proceeding, is relieved from the payment of all debt after the surrender of some or all assets to a court-appointed trustee.
Someone is declared bankrupt when they have insufficient assets to cover their debts. A Corporation, Firm or individual who, via a court proceeding, is relieved from paying debts once assets have been surrendered to an appointed third party designated by the court.
The condition when one is found to be unable to repay one?s debts by a court having proper jurisdiction. The bankruptcy may be one of two types; one that is petitioned g\by the debtor (voluntary) or petitioned by creditors (involuntary).
People are declared bankrupt by the courts when their debts exceed their assets and their creditors canâ€(tm)t be paid.
any person judged insolvent by the court, their property being administered for the benefit of the creditors.
A debtor adjudged insolvent by a court and whose property is liquidated, turned into cash and divided among creditors.
A person whose property becomes liable to administration under the bankrupt laws because of insolvency.
A debtor, who has volunteered or been forced to appear before a Bankruptcy Court and has been judged insolvent, because s/he has insufficient assets to meet the demands of all creditors.
A person who, through a court proceeding, is relieved from the payment of all his debts after surrender of all the assets to a court appointed trustee.
When a person or company has its assets assigned to a court-appointed trustee who in turn redistributes the assets to the persons or companies [creditors].
someone who has insufficient assets to cover their debts
The legal status of a person who declares bankruptcy.
a person who cannot meet current financial obligations; an insolvent person; a person who files a voluntary petition or against whom an involuntary petition is filed.
A person who upon his own petition or that of his creditors is adjudged insolvent by a court and whose property is administered for and divided among his creditors under a bankruptcy law.
a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; an Obligor on any Account who voluntarily commenced, or against whom there was commenced, any proceeding or petition under any bankruptcy, insolvency or similar law or seeking dissolution or reorganization or the appointment of a receiver, trustee, custodian or liquidator for such person or a substantial portion of such person's property, assets or business or to effect a plan or other arrangement with its creditors.
An individual whose property is vested in a trustee in bankruptcy and divided among his creditors following a bankruptcy order.
This occurs when someone is unable to pay their debts and creditors move to secure what monies they can from any existing assets (property) held by that person. All property is then administered by the official receiver. A Bankrupt if able to still work will only receive an allowance to live on after payments are made to creditors.
Legal status of a person/corporation who/which is unable to pay its debts as they become due and who/which has made a transfer of property or of a right or interest in property to a trustee for the benefit of creditors.
An individual firm, or corporation who through a court proceeding, is relieved from payment of all debts. Bankruptcy may be declared under one of several chapters in the federal bankruptcy code: Chapter 7, which covers liquidation of individual or business assets; Chapter 11, which covers reorganization of bankrupt businesses; Chapter 12, which covers certain farm bankruptcies; and Chapter 13, which covers workouts of debts by individuals.
A person, firm, or corporation that, through a federal court process, is relieved from the payment of debts.
A person who is insolvent; one whose total wealth is legally declared insufficient to pay his/her debts.
A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.
The status of being legally declared unable to pay your debts as they become due. Federal bankruptcy laws have been enacted which allow a person or organization to liquidate their assets to pay a reduced amount to their creditors or which allow the rehabilitation of the debtor by requiring creditors to accept reduced payments from future earnings of the debtor. A declaration of bankruptcy will remain on a person's credit report for at least 10 years and in some cases indefinitely. Declaring bankruptcy is generally considered a last resort.
A debtor (either an individual, company or corporation) whose assets are under the administration of a court-appointed trustee for the purposes of redistribution to the debtor's creditors. A bankrupt cannot hold a bank account or apply for credit for more than a nominal amount without the permission of the court.
A bankrupt is an individual against whom the Court has made a bankruptcy order. The order signifies that the individual is unable to pay their debts. Their property vests in their Trustee in Bankruptcy who will realise it for distribution amongst the creditors.
The court proceedings which relieves a debtor who owes more than his/her assets by transferring his/her assets to a trustee appointed by the court.
The condition or state of a person (individual, partnership, corporation, etc.) who is unable to repay it's debts as they are, or become, due.
If an individual or unincorporated company has greater liabilities than it has assets, the person or business can petition for, or be declared by its creditors, bankrupt. In the case of a limited company or corporation in the same position, the term used is insolvent .
The legal status of an individual or company which is unable to pay its creditors and whose assets are therefore administered for its creditors by a Trustee in Bankruptcy.
A noun or adjective. Noun - a person or business which has made an assignment in bankruptcy or has been petitioned into bankruptcy. Adjective - owing more money than you have assets or income to repay.
A bankrupt is an individual against whom a bankruptcy order has been made by the Court. The order signifies that the individual is unable to pay his/her debts and deprives him/her of his/her property, which is then realised for distribution amongst his creditors.
This is when a person cannot pay back his debt. His property is sold and the money gained from it is spread between his creditors.
A person, firm, or corporation that has been declared to have no money by the court and does not have to pay back any of their debt after all their assets (belongings) are taken away.
The state of an entity that is unable to repay its debts as they become due
Legally declared financially insolvent
A person who's been officially declared as bankrupt and hasn't yet been discharged under the Insolvency Act 1967.
Court order made when an individuals debts exceed their assets and their creditors can't be paid.
The quality of a person, corporation, or other legal entity who, being unable to meet his or her financial obligations, must relinquish his or her property to a receiver or trustee for administration and distribution to creditor.
A person or company that is judged legally insolvent. A person can become bankrupt upon voluntary petition or one invoked his/her creditors.
Technically this means being insolvent, or declared by law as unable to pay debts. The result of declaring bankruptcy is that you may be prevented from obtaining credit for a car, credit card, home or a student loan for at least 7 years by financial institutions.
A person or business that, voluntarily or at the request of the creditors, is declared unable to sufficiently pay debts. The debtor's assets, as of the date bankruptcy is filed with the court, may be liquidated and divided among the creditors under bankruptcy law. This is done as quickly as possible so the debtor can pay creditors and start anew or reorganize. Debtor reorganization is designed to allow the debtor to pay his debts. Liquidation. In general, converting assets to a cash form. Straight bankruptcy (Chapter 7 of the Bankruptcy Code) is in the nature of a liquidation proceeding and involves the collection and distribution to the creditors of all the bankrupt's non-exempt property by the trustee in the manner provided by the Bankruptcy Act. Reorganization. In reorganization (Chapters 11, 12, and 13 of the Bankruptcy Code), liquidation may be avoided and the debtor may continue to function, pay creditors, and carry on business by rehabilitation and redistribution of the rights, interests, and implied ownership of the various security owners.
A debtor who is unable to meet his liabilities and is subject to a bankruptcy order.
the entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
Denotes partial collapse in business, and weakening of the brain faculties. A warning to leave speculations alone.
An insolvent debtor.
a debtor who is judged legally insolvent and whose remaining property is administered for distribution among his creditors
A process governed by law to help when people cannot or will not pay their debts. A person who is insolvent may declare themselves bankrupt.