Bankruptcy

Bankruptcy

A federal legal proceeding designed to protect the technically or legally insolvent firm from lawsuits by its creditors until a decision can be made to shut down or continue to operate the firm.

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Part of Speech: noun
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Blossary:
Industry/Domain: Banking; Business services
Category: Mergers & acquisitions
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Related terms

bankruptcy

Economy; Economics

When a court judges that a debtor is unable to make the payments owed to a creditor. How bankrupts are treated can affect economic growth. If bankrupts are punished too severely, ...

bankruptcy

Law; US law

Under authority of the federal bankruptcy act, individuals and companies may be relieved of most of their debt.

bankruptcy

Legal services; Courts

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 ...

bankruptcy

Economy; International economics

The condition of a legal entity that does not have the financial means to pay their incurred debts as they come due. In the U. S. this status is established through legal ...

bankruptcy

Banking; Investment banking

Inability to meet payment obligations leading to the enforced liquidation of the assets of a debtor entered in the Commercial Register. The proceeds of the liquidation are ...