a petition in bankruptcy
81substantial abuse — a term that refers to the abuse of the privilege to file a petition. It usually describes fraud in cases of personal bankruptcy (Glossary of Common Bankruptcy Terms) The court may dismiss a Chapter 7 bankruptcy of an individual whose debts are… …
82property of the estate — All legal and equitable interests of the debtor in property as of the petition date (SA Bankruptcy.com) The property that is not exempt and belongs to the bankruptcy estate. Property of the estate is usually sold by the trustee and the claims of… …
83preferential transfer — Certain transfers or payments made to creditors within 90 days before the bankruptcy is filed may be reversed and recovered by the bankruptcy court. Where the creditor is an insider (relative, shareholder, etc.) the 90 days is extended to one… …
84debt relief agency — Any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration. Does not include nonprofit organizations, creditors of assisted persons, depository institutions, or… …
85pre-pack — also prepackaged bankruptcy Before filing a bankruptcy case (usually a Chapter 11) debtor and creditors negotiate an agreed upon plan. The bankruptcy petition can then be filed and the plan proposed and confirmed with much less time and expense.… …
86receiving order — An Order made by the Court following the successful petition to have a person or company placed into bankruptcy. This is not a Receivership term (Ontario Bankruptcy Dictionary) (= bankruptcy order) (Dictionary of Canadian Bankruptcy Terms) An… …
87exclusivity period — a debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans. (see… …
88meeting of creditors — The debtor must appear at a meeting with the trustee to be examined under oath about assets and liabilities. Creditors are invited but seldom attend. The meeting is sometimes called the 341 meeting, after the section of the Bankruptcy Code that… …
89strong-arm powers — The bankruptcy code gives a trustee rights to reverse (avoid) certain transactions or liens which occurred within various time periods before the petition was filed. The trustee obtains the power that a hypothetical creditor would have had, even… …
90gap period — the period between the filing of an involuntary petition and the dismissal of the petition, the entry of an order for relief or the filing of a voluntary petition (whatever the outcome) (Glossary of Common Bankruptcy Terms) United Glossary of… …
