Act of Bankruptcy

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Related to Bankruptcy Act: rules of court

Act of Bankruptcy

An action by a debtor that can be a basis for creditors to file a bankruptcy petition against the debtor. Examples of such actions are concealing assets, defrauding creditors, favoring one creditor over another, or admitting in written a willingness to be adjudged bankrupt.

Act of Bankruptcy

An involuntary admission of bankruptcy by a debtor. In general, going into default and consistently missing payments may be considered acts of bankruptcy. Before 1978 in the United States, an act of bankruptcy involved the transfer of assets to another party with the intent to defraud creditors, but this is no longer the case. Upon committing an act of bankruptcy, creditors have the ability to petition to force the debtor into legal bankruptcy.
References in periodicals archive ?
The Bankruptcy Act of 1800(18) ("1800 Act") was modeled in large part on the then-existing English statute.
After much deliberation (some version of the legislation had been under consideration and debate for nearly two-and-a-half years) Congress passed the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986.
Inside Mortgage Finance now finds itself in a second battle, this time over a Bankruptcy Act provision that people can get back money they paid within 90 days of filing a bankruptcy act petition.
1) What Is the Effect of the 2005 Bankruptcy Act if There Is no Bankruptcy Proceeding?
citizens; and in the personal bankruptcy act, which denies any final hope to those who find themselves falling deeper and deeper into debt.
Adams that only assets held "in a trust" could be excluded from bankruptcy by section 541(c)(2) of the Bankruptcy Act.
When one considers the amendments to the Bankruptcy Act and the Bankruptcy and Insolvency Act, over the last three decades one can see a progression which reveals the continued vigour of the collection function of bankruptcy law.
The federal Bankruptcy Act gives the bankruptcy court the power to set aside certain transfers made by the bankrupt, and put the property back into his estate, where the transfers are made for less than "reasonably equivalent value.
The preferred solution may be the formation of an agreement between the IRS and the common parent corporation, sometimes called a "Sutton Agreement," under which the Service would agree not to assess and collect the consolidated tax liability against the subsidiary, pending the outcome of the bankruptcy court proceedings, in exchange for the common parent's agreement not to rely on the stay of proceedings under Section 362(a)(6) of the Bankruptcy Act.
Amendments made in 2010 to the Italian Bankruptcy Act in relation to the extrajudicial procedures to solve business crises
In 2009 The Law Reform Commission called for an overhaul of insolvency laws noting the Bankruptcy Act 1988 is inappropriate for a modern credit society.