Bankruptcy Petition

Bankruptcy Petition

1. A formal request by an individual or a business to a bankruptcy court to declare bankruptcy and to discharge or restructure debts (after repayment is made insofar as possible).

2. A formal request by an individual or a business' creditors to a bankruptcy court to declare bankruptcy and to require repayment or restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy.
References in periodicals archive ?
Trade and other unsecured creditors may consider joining an involuntary bankruptcy petition as a means to obtain payment of their claims.
An Arizona real estate developer was sentenced today to 24 months in prison for submitting false statements in his bankruptcy petition with the intent to conceal assets and property transfers from the bankruptcy trustee.
Brief case studies help illustrate financial restructuring outside bankruptcy, the process of filing a bankruptcy petition, rules for operating a company under bankruptcy, and avoidance powers that allow the trustee to void pre-petition transactions or change the treatment of creditors based on their pre-petition behavior.
until last week when a bankruptcy petition landed on his doormat.
CPAs must be mindful of other tax issues raised by a bankruptcy petition, however, and should anticipate working closely with a client's bankruptcy attorney to successfully manage the complex issues raised by the interaction of the bankruptcy and tax codes.
Yesterday, the biggest trade union representing Saab employees, IF Metall, also filed a bankruptcy petition but Saab will make a decision on how to react to it later, Geers said.
A BANKRUPTCY petition against former Everton and England football star Paul Gascoigne was dismissed at the High Court yesterday.
The Means Test, for example, is a new form within the bankruptcy petition that should be compared with Schedule I and J to balance out the schedules.
MILLBURY - A Millbury lawyer has been suspended from practicing law in Massachusetts for two years because he transferred property and filed a bankruptcy petition without clients' knowledge.
The rise is revealed in an analysis of the latest Ministry of Justice bankruptcy petition statistics conducted by Tenon Recovery, the leading insolvency specialist.
Almost any individual, partnership or corporation may file a chapter 7 bankruptcy petition if he or she resides, has a domicile, a place of business or property in the United States.
General Growth filed its initial Chapter 11 bankruptcy petition April 16 in New York.