insolvent debtor

See: delinquent
References in classic literature ?
The condemned felon has as good a yard for air and exercise in Newgate, as the insolvent debtor in the Marshalsea Prison.
The gentlemen of the bar being barristers and attorneys too (for there is no division of those functions as in England) are no more removed from their clients than attorneys in our Court for the Relief of Insolvent Debtors are, from theirs.
Micawber should apply for his release under the Insolvent Debtors Act, which would set him free, she expected, in about six weeks.
Example 5: An insolvent debtor transfers an asset with a tax basis of $20,000, an FMV of $40,000, and a recourse debt of $50,000 to a creditor prior to bankruptcy.
The tax treatment of an insolvent debtor realizing discharge of indebtedness income under the U.
The popularity of Individual Voluntary Arrangements (IVAs) which allow the insolvent debtor to deal with personal loans, credit card balances and other forms of buy-now, pay-later unsecured debts, has remained high.
It is difficult to imagine how an insolvent debtor could successfully negotiate a reorganization plan and have that plan approved by the court without the parties-in-interest knowing the value of the company expected to emerge from chapter 11.
108(a), a bankrupt or insolvent debtor generally does not recognize COD income but is subject to a required reduction of tax attributes.
1017-1(b)(3) requires the amount of any basis reduction for DOI income of a bankrupt or insolvent debtor under Secs.
Stating that the development of tax rules for bankruptcy and insolvency neither reflects pure tax theory nor completely subordinates tax principles of conflicting bankruptcy concerns; however, the COD rules for a bankrupt or insolvent debtor were recommended by the Commission on Bankruptcy Law and endorsed by the 95th Congress House Judiciary Committee.
Because that interpretation attributes income only when assets are freed, however, an insolvent debtor realizes income just to the extent his assets exceed his liabilities after the cancellation.
108(a); on the other hand, if the bankrupt or insolvent debtor reconveys the property in satisfaction of the debt, the transaction would be treated as a sale, with no Sec.