bankrupt


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Related to bankrupt: insolvency, iva, Bankruptcies

bankrupt

adjective bereft, broke, broken, decoctor, defaulting, destitute, failed, impecunious, impoverished, in receivership, in the hands of receivers, incapable of dissharging liabilities, indigent, insolvent, left in penury, out of funds, out of money, pauperized, penniless, poverty-stricken, ruined, unable to make both ends meet, unable to pay matured debts, unable to satisfy creditors
Associated concepts: bankruptcy, bankruptcy court, discharge in bankruptcy, estate of the bankrupt
See also: destitute, impecunious, insolvent, poor

BANKRUPT. A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt.
     2. It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly solvent; that is, eventually able to pay all his debts or, he may be insolvent, and, in consequence of not having done, or suffered, an act of bankruptcy. He may not be a bankrupt. Again, the bankrupt laws are intended mainly to secure creditors from waste, extravagance, and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors. Bankrupt laws discharge the person from imprisonment, and his property, acquired after his discharge, from all liabilities for his debts insolvent laws simply discharge the debtor from imprisonment, or liability to be imprisoned, but his after-acquired property may be taken in satisfaction of his former debts. 2 Bell, Com. B. 6, part 1, c. 1, p. 162; 3 Am. Jur. 218.

References in periodicals archive ?
Figure 1 and Figure 2 graph the three cash flows across time for the healthy and bankrupt businesses, respectively.
The author demonstrates that all bankrupts, whatever the level of blame, receive harsh treatment from our society.
Observation: In some cases, a bankrupt taxpayer that meets the 50% rule will choose not to take advantage of the exception and incur the usual NOL limitations instead.
The idea was that if the private borrower went bankrupt, the commercial banks could demand payment from the government.
Deputy Chief Investigation Officer Glenn Wicks from the Department for Business Innovation and Skills said:This man was a bankrupt, meaning he should not have been controlling a company.
A discharge from bankruptcy releases the bankrupt from the unsecured debts existing when the bankruptcy began except for certain specified claims.
Advised Hendry, 44, of Lytham, Lancashire, was declared bankrupt less than a year after wife Denise died of complications from bungled cosmetic surgery.
There was a 249 per cent jump in the number of people going bankrupt between 2000 and 2009.
The charity said the banks' stance increased financial exclusion for bankrupts and urged them to make the accounts more widely available.
And now former tenants who are owed tens of thousands of pounds by the now defunct buy-to-let company are facing yet more uncertainty after director David Purdie was declared bankrupt.
A Dutch court declared the bank as bankrupt on Monday.
A BIG increase in council tax debts written off in Newcastle because householders have gone bankrupt or done a flit was revealed today.