Web Definition: Bankrupt
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organisation, or it can be requested by creditors in an effort to recoup a portion of what they are owed. to give an honest debtor a fresh start in life by relieving the debtor of most debts & to repay creditors in an orderly manner to the extent that the debtor has property available for payment. Bankruptcy allows the debtor to resolve his debts through the division of his assets among his creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their assets are distributed, even if their debts have not been paid in full. During the pendency of a bankruptcy proceeding, the Debtor is protected from extra-Bankruptcy action by creditors by a legally imposed stay. In the United Kingdom, a Trustee in bankruptcy must be either an Official Receiver or a licensed insolvency practitioner.
Read More »Dictionary Entry: A trader who secretes himself, or does certain other acts tending to defraud his creditors.
Being a bankrupt or in a condition of bankruptcy - unable to pay, or legally discharged from paying, one's debts - as, a bankrupt merchant. To make bankrupt - to bring financial ruin upon - to impoverish.
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