bankruptcy assets
81proof of claim — form filed by a creditor setting out its claims against a bankruptcy debtor (Glossary of Common Bankruptcy Terms) A form used to file a claim. The form requires the creditor to enter information to describe the basis of his claim. also see claim… …
82fraudulent conveyance — the transfer of valuable assets from a company which i) occurs when the company is technically insolvent, ii) renders the company insolvent, or iii) is made for less than adequate consideration. The spate of leveraged buyouts and other highly… …
83fresh start — informal term for the new accounting rules applicable to bankrupt companies. For companies that either filed for Chapter 11 after January 1991 or emerged from Chapter 11 after June 1991, assets are valued at market value rather than at historical …
84lien — a charge upon a specific property designed to secure payment of a debt or performance of an obligation (Glossary of Common Bankruptcy Terms) A charge against or interest in property to secure payment of a debt or performance of an obligation. A… …
85insolvent person — A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay. The BIA contains a statutory definition that differs from this general definition as follows: means a person who is not bankrupt and who resides or… …
86summary administration — Under the Bankruptcy and insolvency Act a summary administration bankruptcy is a consumer bankruptcy defined as a bankruptcy where the free and clear assets are less than $10,000. Summary administration bankruptcies have stream lined procedures,… …
87levy — (1) The legal process of seizing and liquidating the assets of a debtor in satisfaction of a judgment. (2) The assessment or collection of a tax (SA Bankruptcy.com) Under the Bankruptcy and insolvency Act the government has imposed a levy (in… …
88statement of Financial Affairs — A series of questions the debtor must answer in writing concerning sources of income, transfers of property, lawsuits by creditors, etc (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012. statement of financial affairs A detailed set of …
89denial of discharge — Penalty for debtor misconduct with respect to the bankruptcy case or creditors as a whole. The grounds on which the debtor s discharge may be denied are found in 11 U.S.C. 727. When the debtor s discharge is denied, the debts that could have been …
90family farmer — Under Title 11 U.S.C. Section 101: (18) The term family farmer means (A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $3,237,000 and not less than 50 percent of whose aggregate… …
