法律英语词汇“bankruptcy”的翻译、意思、用法、释义-法律词典

单词

bankruptcy

释义

bankruptcy

bankruptcy the process taken to have a person declared bankrupt and to have his property administered for the benefit of his creditors. A bankruptcy consists of an act of bankruptcy followed by an ADJUDI- CATION. The property of the bankrupt becomes vested in a TRUSTEE IN BANKRUPTCY whose function is to identify and gather in assets belonging to the bankrupt; these are subsequently distributed among the creditors towards satisfaction of their claims, with the debtor being released from future liability in respect of his debts upon giving all the assistance in his power towards the realisation and distribution of his estate and fulfilling any other conditions required by the law for his discharge. The distribution is so many pennies for each pound of debt. A PARTNERSHIP may become bank- rupt without any of the partners becoming bankrupt; conversely, individual partners may become bankrupt while the firm remains solvent. However, since individual partners are ultimately liable

banns of marriage

without any limitation of liability for the debts of the firm, concur- rent bankruptcies of the firm and the individual partners are com- mon. A bankruptcy notice may be issued against a partnership in the firm's name; if it is served on one partner only and at an address that is not the business premises of the firm, a receiving order may be made against the partner alone. Similar provisions apply in Scot- land, but there are significant differences. See Bankruptcy (Scotland) Act 1985 (as amended). See INSOLVENCY, LIQUIDATION, RECEIVER.

随便看

法律词典收录了2351条英汉双解法律词条，基本涵盖了常用法律英语单词及短语词组的翻译及用法，是法律学习的有利工具。