bankrupt

(redirected from bankrupts)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.

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 ?
The changes follow a three-month consultation by the Insolvency Service, which indicated that about a fifth (18%) of bankrupts find themselves unable to get a bank account for the first year of bankruptcy and are forced instead to operate on a cash-only basis or use someone else's account.
an exception was created to deal with certain personal income tax debtors who become bankrupt.
There was a 249 per cent jump in the number of people going bankrupt between 2000 and 2009.
They are lumping those who have fallen on hard times and been declared bankrupt in with fraudsters and refusing accounts.
It has now emerged that the Tynemouth-born ex-bar boss, who started out in the pub chain business, was declared bankrupt last summer.
Around 7% of all people going bankrupt in 2007 were retired, up from just 3% in 2002, according to accountants Wilkins Kennedy.
Mr Ellis said: "Typically the individual concerned was made bankrupt in the 1990s at a time when the value of their equity in the property was low or non-existent.
Mr Robbins said: "Because of the slump in property prices during the 1980s, some bankrupts had little or even 'negative' equity in their homes, and the official receiver often decided that it was not economic to realise the asset.
A report by accountants PricewaterhouseCoopers (PwC) showed that the number of under-30s going bankrupt has more than doubled in the past two years.
A total of 431 people in the region declared themselves bankrupt in the quarter ending June 30, which was 8% up on the same period last year.
A study we did suggests cash flow trends and interactions can help identify businesses that will eventually become bankrupt.
It illustrates through human suffering the difficulties that are faced by bankrupts in Great Britain and Ireland.