bankruptcy assets
51title by bankruptcy — The title of the trustee in bankruptcy to assets of the estate in bankruptcy available for administration in bankruptcy and for distribution by payment of costs and expenses of the proceeding and distribution to creditors. Re Lesser (DC NY) 100 F …
52claim in bankruptcy — The written claim filed by a creditor when a debtor (i.e., an individual or business who owes the creditor money) files for bankruptcy. The known creditors receive notice when a bankruptcy is declared, and will be told if the bankrupt party… …
53Accountant in Bankruptcy — in Scotland, an official who may become interim or permanent trustee and who will do so in many small assets cases. Collins dictionary of law. W. J. Stewart. 2001 …
54discharge in bankruptcy — An order given by a judge in a bankruptcy court, at the conclusion of all legal steps in processing a bankrupt person s assets and debts, which forgives (i.e., discharges) those remaining debts that cannot be paid with exceptions. Debts for… …
55Chapter 7 — liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. Individuals may file Chapter 7 also (Glossary of Common Bankruptcy Terms) A liquidation proceeding available to individuals, married couples,… …
56schedules — lists submitted by the debtor along with the petition (or shortly thereafter) showing the debtor s assets, liabilities, and other financial information (There are official forms a debtor must use.) (Glossary of Common Bankruptcy Terms)… …
57debtor in possession — (debtor in possession (DIP)) A debtor in possession occurs only in a Chapter 11 case. The debtor is presumed to remain in possession of its assets and business operation, with most of the powers and duties of a trustee. also see trustee,… …
58avoidance powers — Rights given to the bankruptcy trustee or the debtor in possession to recover certain transfers of property such as preferences or fraudulent transfers or to void liens created before the commencement of a bankruptcy case (SA Bankruptcy.com)… …
59debtor-in-possession — (debtor in possession (DIP)) A debtor in possession occurs only in a Chapter 11 case. The debtor is presumed to remain in possession of its assets and business operation, with most of the powers and duties of a trustee. also see trustee,… …
60DIP — (debtor in possession (DIP)) A debtor in possession occurs only in a Chapter 11 case. The debtor is presumed to remain in possession of its assets and business operation, with most of the powers and duties of a trustee. also see trustee,… …
