bankrupt

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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 ?
"A lot of discharged bankrupts are likely to receive a notice, probably within the next twelve to eighteen months," said Mr Robbins.
Scots' attitudes appear more hardline than in the rest of Britain, where 70 per cent demanded a three-year ban and 11 per cent went as far as to say bankrupts should be banned for life from running a business.
Together with reports from official receivers investigating bankrupts and directors of insolvent companies, these resulted in 1,227 prosecution reports with evidence of criminal behaviour.
In a sign that bankruptcy is increasingly becoming a young person's phenomenon, nearly 16 per cent of all declared bankrupts in the Midlands in 2003/2004 were 30 or younger, almost double that of two years ago.
The number of people declaring themselves bankrupt in Wales is continuing to rise, according to new figures.
Changes to the way that bankrupts' homes are treated mean that, under the new regime, it may be more likely that the trustee will seek to sell the bankrupt's interest in his home.
And he said a more serious loophole in the new regime has resulted in some fraudulent bankrupts having escaped punishment this year due to Human Rights legislation.
But at the same time Bankruptcy Restriction Orders will be introduced to protect businesses and the public from bankrupts whose conduct is reckless, culpable or irresponsible.
The number of people declaring themselves bankrupt in Wales has continued to rise inexorably, according to the latest figures.
While it is important that creditors who may have lost considerable sums in an insolvency are repaid as much of their losses as possible, ACCA said it welcomed the fact that the Government recognises there needs to be an end to the uncertainty for discharged bankrupts.
Nearly one in 10 people thought bankrupts should be banned from running a business for life, while 69% thought those who had been reckless should be banned for up to 15 years, according to KPMG.
Some nine per cent thought that bankrupts should be banned for life.