Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
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).
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.
involuntary bankruptcy
See BANKRUPTCY.
voluntary bankruptcy
See BANKRUPTCY