voluntary bankruptcy


Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

voluntary bankruptcy

n. the filing for bankruptcy by a debtor who believes he/she/it cannot pay bills and has more debts than assets. Voluntary bankruptcy differs from "involuntary bankruptcy" filed by creditors owed money to bring the debtor before the bankruptcy court. (See: bankruptcy)

Mentioned in ?
References in periodicals archive ?
As initially introduced by lenders, carveout guaranties covered only truly bad acts, such as fraud and misappropriation and, later, efforts to sidestep creditors through voluntary bankruptcy.
Mexican glass company Vitro S.A.B filed for voluntary bankruptcy in December 2010, after defaulting on about $1.2 billion in bond debt held by foreign banks, including American interests.
The company announced yesterday that it has emerged from it's voluntary bankruptcy filing following the financial and operational restructuring and the sale of the company from Friendly's Ice Cream Corporation to Friendly's Ice Cream, LLC.
largely unrealized by an exclusively voluntary bankruptcy regime.
Setting aside two days next month to hear a full application to annul the voluntary bankruptcy, Mr Justice Deeny said Mr Quinn should be prepared to give evidence if necessary.
VASCO Data Security International Inc (Nasdaq:VDSI), a provider of strong authentication and e-signature solutions and services, revealed today that a Dutch subsidiary of the company, DigiNotar BV, has filed a voluntary bankruptcy petition.
Recently the Texas Rangers and Chicago Cubs also placed themselves into voluntary bankruptcy protection.
From a voluntary bankruptcy perspective, the licensee should insist that it be a controlling stockholder in the BRE with veto power over certain transactions (that is, commencement of any bankruptcy filing).
In "a voluntary bankruptcy scenario" they wrote, "states, like municipalities, will have every incentive to file a reorganization plan that protects state bondholder claims and their ultimate recovery."
Gracious Home had filed voluntary bankruptcy protection under Chapter 11 of the United States Bankruptcy Code on August 13, 2010.
And James Henderson, spokesman for the duchess, said: "There is a financial review under way and as part of that voluntary bankruptcy is an option.
But while voluntary bankruptcy is still an option, a spokesman said the situation is "being managed" and that all her personal debt had been paid off.

Full browser ?