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Glossary   >   B   >   "Bankruptcy" Definition            Bankruptcy State of being unable to pay debts. Thus, the ownership of the firms assets is transferred from the stockholders to the bondholders. The state of a person or firm unable to repay debts. A situation where an individual is incapable of settling his/her debts and has been served a bankruptcy order by a court.The petition can either be filed by the individual concerned, or by his/her creditors. An inquiry into the debtor"s affairs is made by the Official Receiver and the debtor"s assets are realised and distributed among creditors.Personal pension assets are not included under the bankrupt"s distributable assets for petitions made after May 29, 2000, unless the bankrupt has deliberately put assets into a personal pension specifically to avoid paying creditors. Money in occupational pensions schemes is also excluded.The equivalent process for companies is "liquidation". Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Bankruptcy \ State of being unable to pay debts. Thus, the ownership of the firms assets is transferred from the stockholders to the bondholders.

The state of a person or firm unable to repay debts.

A situation where an individual is incapable of settling his/her debts and has been served a bankruptcy order by a court.The petition can either be filed by the individual concerned, or by his/her creditors. An inquiry into the debtor"s affairs is made by the Official Receiver and the debtor"s assets are realised and distributed among creditors.Personal pension assets are not included under the bankrupt"s distributable assets for petitions made after May 29, 2000, unless the bankrupt has deliberately put assets into a personal pension specifically to avoid paying creditors. Money in occupational pensions schemes is also excluded.The equivalent process for companies is "liquidation".