Act of bankruptcy

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ACT OF BANKRUPTCY. An act which subjects a person to be proceeded against as a bankrupt. The acts of bankruptcy enumerated in the late act of congress, of 19th Aug. 1841, s. 1, are the following: 1. Departure from the state, district, or territory of which a person, subject to the operation of the bankrupt laws, is an inhabitant, with intent to defraud his creditors. See, as to what will be considered a departure, 1 Campb. R. 279; Dea. & Chit. 4511 Rose, R. 387 9 Moore, R. 217 2 V. & B. 177; 5 T. R. 512; 1 C. & P. 77; 2 Bini,. R. 99; 2 Taunt. 176; Holt, R. 175.
     2. Concealment to avoid being arrested. 1 M. & S. 676 ; 2 Rose, R. 137; 15 Ves. 4476 Taunt. R. 540; 14 Ves. 86 Taunt. 176;1 Rose, R. 362; 5 T. R. 512; 1 Esp. 334.
     3. Willingly or fraudulently procuring himself to be arrested, or his goods and chattels, lands, or tenements to be attached, distrained, sequestered, or taken in execution.
     4. Removal of his goods, chattels and effects, or concealment of them to prevent their being levied upon, or taken in execution, or by other process.
     5. Making any fraudulent conveyance, assignment, sale, gift, or other transfer of his lands, tenements, goods, or chattels, credits, or evidences of debt. 15 Wend. R. 588; 5 Cowen, R. 67; 1 Burr. 467, 471, 481; 4 C. & P. 315; 18 Wend. R. 375; 19 Wend. R. 414; 1 Dougl. 295; 7 East, 137 16 Ves. 149; 17 Ves. 193; 1 Smith R. 33; Rose, R. 213.

References in periodicals archive ?
The next step in legislation, and the culmination of Mann's narrative, was the national Bankruptcy Act of 1800.
Since the first federal bankruptcy act in 1800, the content of the variables in this formula has changed significantly, but the traces of each component are found throughout.
In 1936 the court invalidated three more pieces of legislative initiative: AAA, the Bituminous Coal Act, and the Municipal Bankruptcy Act.
The provisions of the Bankruptcy Act amendments regarding the security of property tax liens and the ability of public pension systems to participate in bankruptcy reorganization equity and debtor committees have long been GFOA policy.
Thus in the absence of corrective legislation, if a debtor is to receive the intended fresh start of the Bankruptcy Act, then the election to take bankruptcy under Chapter 7 must be carefully planned.
There have also been some very non-uniform interpretations of some sections of the bankruptcy act by different bankruptcy courts here in the United States creating uncertainty for secured lenders.
In 1966 -- the last time the federal Bankruptcy Act was amended -- there were 12,000 insolvencies in Canada, about half were business failures.
Troubled companies, such as those embroiled in reorganization under Chapter 11 of the Bankruptcy Act, are especially good candidates for high-level temporary financial expertise.
The last time excess spread reached these levels was more than five years ago shortly after the Bankruptcy Act went into effect which kept chargeoffs low in the months that followed,' said Director Herman Poon.
Thanks to reforms to the Bankruptcy Act in 2007, thousands of Australians have taken up debt agreements and potentially saved their homes.
a company organized and existing in The Netherlands ("DigiNotar") filed a voluntary bankruptcy petition under Article 4 of the Dutch Bankruptcy Act in the Haarlem District Court, The Netherlands (the "Court") on Monday, September 19, 2011 and was declared bankrupt by the Court today.
He said the court must consider whether it amounted to a settlement under the Bankruptcy Act.