Act of Bankruptcy

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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 ?
35) The Bankruptcy Act of 1841 ("1841 Act") was passed August 19, 1841, but did not become effective until February 1, 1842.
From the panic of 1857 and for a period after, agitation for a bankruptcy act again occurred.
64) It was repealed in 1878,(65) making it the longest-lived federal bankruptcy act in the country's history to that time.
The 1874 amendments to the 1867 Bankruptcy Act added provisions for the composition of all of a voluntary or involuntary debtor's debts on acceptance by a majority in number and three-fourths in value of the creditors holding proven claims at a meeting of creditors called for such purpose.
A new bankruptcy act was signed into law by the President on November 6, 1978.
346) It does use history, in contrast to legislative history strictly speaking, in concluding that the "primary impetus for the enactment of [section] 707(b) was the credit industry's unhappiness with the fact that consumer debtors who were able to repay their debts had increasingly been filing for bankruptcy relief since the enactment of the 1978 Bankruptcy Act.
circumstances, the provisions of the 1945 Bankruptcy Act would not be
1945 Bankruptcy Act were also meant to address international issues.
The enactment of the 2005 Bankruptcy Act provided a unique
In this respect, the 2005 Bankruptcy Act simply reproduced the rule
contained in the previous Bankruptcy Act, even though these two pieces
Brazilian 1945 Bankruptcy Act, see generally Antonio Mendes, A Brief