Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bankrupt
n. 1. A person who cannot meet current financial obligations; an insolvent person. 2. Debtor (2).
Bankruptcy
1. The statutory procedure, usu. Triggered by insolvency, by which a person is relieved of most debts and undergoes a judicially supervised reorganization or liquidation for the benefit of that person's creditors. ( for various types of bankruptcy under federal law, see the entries at chapter. - also termed bankruptcy proceeding; bankruptcy case
Bankruptcy act
the bankruptcy act of 1898, which governed bankruptcy cases filed before october 1, 1979.
Bankruptcy case
see bankruptcy (1).
Bankruptcy clause
see ipso facto clause.
Bankruptcy code
the bankruptcy reform act of 1978 (as amended and codified in 11 usca), which governs bankruptcy cases filed on or after october 1, 1979.
Bankruptcy court
1. A u.s. district court that is exclusively concerned with administering bankruptcy proceedings. 2. The bankruptcy judges within a given district, considered as making up a court that is a subunit of a u.s. district court.
Bankruptcy estate
a debtor's legal and equitable interests in property as of the commencement of a bankruptcy case.
Bankruptcy judge
a judicial officer appointed by a u.s. court of appeals to preside over a bankruptcy court in a designated judicial district for a term of 14 years. 0 a bankruptcy judge is called an article ii judge. 28 usca §§ 151 et seq. See article ii judge.
Bankruptcy plan
a detailed program of action formulated by a debtor or its creditors to govern the debtor's rehabilitation, continued operation or liquidation, and payment of debts. 0 the bankruptcy court and creditors must approve the plan before it is implemented. -often shortened to plan. - also termed plan of reorganization (for chapter 11); plan of rehabilitation (for chapter 13). See arrangement with creditors.
Bankruptcy proceeding
1. Bankruptcy (1). 2. Any judicial or procedural action (such as a hearing) related to a bankruptcy.
Bankruptcy trustee
the person appointed by the u.s. trustee and approved by the bankruptcy court to take charge of and administer the debtor's estate during bankruptcy proceedings. - also termed trustee in bankruptr see, united states trustee.
Bankruptcy-remote entity
a business, usu. A special-purpose entity, established to perform limited functions and to have one or a few primary creditors. 0 this type of entity is sometimes established to protect lenders on large, complex projects when the lender is to be paid solely or almost exclusively out of the money generated when the project becomes operational. This business is established to have no function other than to develop, own, and operate the project, and to have no principal creditors other than the project lenders. In this way, the lenders have additional protection because there are fewer creditors to compete for the money generated by the project, and there it less likelihood that the project will be forced into bankruptcy. A bankruptcy-remote entity will sometimes issue securities instead of just receiving a direct loan. See single-purpose project; special-purpose entity ; project nancing under financing
Cessionary bankrupt
archaic. A person who forfeits all property so that it may be divided among creditors.( for the modern near-equivalent, see chapter 7.
Deprizio doctrine. Bankruptcy
The rule that a debtor's payment to an outside creditor more than 90 days before a bankruptcy filing is voidable as a preferential transfer if it benefits an inside creditor. Levit v. Ingersoll Rand Fin. Corp. (In re V.N. Deprizio Constr. Co.), 874 F.2d 1186 (7th Cir. 1989).
Federal Rules of Bankruptcy Procedure
The rules governing proceedings instituted under the Bankruptcy Code. - Abbr. Fed. R. Bankr. P.
Involuntary bankruptcy
a bankruptcy proceeding initiated by creditors (usu. Three or more) to force the debtor to declare bankruptcy or be legally declared bankrupt. 11 usca § 303(b).
Prebankruptcy
adj. Occurring before the filing of a bankruptcy petition <prebankruptcy transactions>.
Voluntary bankruptcy
a bankruptcy proceeding initiated by the debtor. 11 usca § 301.2. The fact of being financially unable to pay one's debts and meet one's obligations; insolvency. - also termed failure to meet obli-gataons. 3. The status of a party who has declared bankruptcy under a bankruptcy statute. 4. The fact of having declared bankruptcy under a bankruptcy statute. 5. The field of law dealing with the rights and entitlements of debtors and creditors in bankruptcy.
act of bankruptcy.
An event, such as a debtor's fraudulent conveyance of property, that triggers an involuntary bankruptcy proceeding against a debtor. 0 The 1978 Bankruptcy Reform Act abolished this requirement as a condition to an involuntary bankruptcy proceeding.
bankruptcy court
See BANKRUPTCY COURT.
bankruptcy estate
See BANKRUPTCY ESTATE.
cessionary bankrupt
See BANKRUPT.
contemplation of bankruptcy
The thought of declaring bankruptcy because of the inability to continue current financial operations, often coupled with action designed to thwart the distribution of assets in a bankruptcy proceeding. - Also termed contemplation of insolvency.
date of bankruptcy
The date when a court declares a person to be bankrupt; the date of bankruptcy adjudication. ( This date may coincide with the voluntary-filing date.
discharge in bankruptcy
1. The release of a debtor from personal liability for prebankruptcy debts. 2. A bankruptcy court's decree releasing a debtor from that liability. discharging bond See BOND (2).
family-farmer bankruptcy
See CHAPTER 12.
farmer bankruptcy
See CHAPTER 12
involuntary bankruptcy
See BANKRUPTCY.
malicious bankruptcy
An abuse of process by which a person wrongfully petitions to have another person adjudicated a bankrupt or to have a company wound up as insolvent. malicious damageSee MALICIOUS MISCHIEF.
notour bankruptcy
See NOTORIOUS INSOLVENCY.
petition in bankruptcy
A formal written request, presented to a bankruptcy court, seeking protection for an insolvent debtor. ( The debtor (in a voluntary bankruptcy) or the debtor's creditors (in an involuntary bankruptcy) can file such a petition to initiate a bankruptcy proceeding.
referee in bankruptcy
A federal judicial officer who administers bankruptcy proceedings (Abolished by the Bankruptcy Reform Act of 1978, these referees were replaced by bankruptcy judges. - Also termed register in bark ruptcy. See BANKRUPTCY JUDGE.
register in bankruptcy
See REFEREE IN BANKRUPTCY.
straight bankruptcy
See CHAPTER 7.
suggestion of bankruptcy
A pleading by which a party notifies the court that the party has filed for bankruptcy and that, because of the automatic stay provided by the bankruptcy laws, the court cannot legally take further action in the case.
trustee in bankruptcy
See BANKRUPTCY TRUST EE.
voluntary bankruptcy
See BANKRUPTCY