Bankruptcy code


Also found in: Wikipedia.

Bankruptcy code

Laws governing bankruptcy proceedings for corporations, municipalities, and individuals. Enacted through the U.S. Federal Bankruptcy Reform Act of 1978.

Bankruptcy Code

A comprehensive law governing bankruptcy in a country or other jurisdiction. In the United States, the Bankruptcy Reform Act of 1978 forms the current bankruptcy code. It provides for three main types of bankruptcy. Chapter 7 provides for liquidation of a business and discharge of debts. Chapter 11 allows corporations to continue operations after reorganization. Chapter 13 restructures debt but does not forgive it.
References in periodicals archive ?
Notice of Commencement of cases under Chapter 11 of the Bankruptcy Code, Meeting of Creditors, Fixing of Dates and Joint Administration of Cases:
In February 1988, it filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code and thereafter continued to operate the hotel as a debtor in possession.
Mansfield Tire & Rubber filed a petition under chapter 11 of the Bankruptcy Code in 1979.
and its domestic and Canadian affiliates filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
Bankruptcy petitions are filed with the bankruptcy court (an adjunct of the district court) and governed by the Bankruptcy Code.
announces that on April 29, 1993, petitions for bankruptcy protection and reorganization under Chapter 11 of the Federal Bankruptcy Code were filed by Bioplasty, Inc.
This comprehensive work on bankruptcy taxation explores the options available to those considering bankruptcy under the provisions of chapters 7 or 11 of the Bankruptcy Code and discusses how both are influenced by the tax provisions of the Internal Revenue Code and the Bankruptcy Code.
Chapter 11 of the bankruptcy code enables an individual or company to reorganize their finances without having their assets siezed.
Because the Forms 4549 did not include a penalty-of-perjury clause, it argued that no returns had been filed and that, under Section 523(a)(1)(B) of the Bankruptcy Code, these tax obligations were not subject to discharge.
Courts have relied on Section 506 of the Bankruptcy Code to split the creditor's claim into a "secured" claim equal to the value of the property and an "unsecured" claim equal to the balance.
Reorganizations under the Bankruptcy Code are one of the few areas in financial reporting still untouched by standard setters.
On February 8, 2005, High Voltage Engineering and certain of its subsidiaries filed petitions under Chapter 11 of the Bankruptcy Code.