| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 3,898,564,292 visitors served. |
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
Voluntary Bankruptcy |
Also found in: Legal | 0.03 sec. |
|
|
Voluntary bankruptcy The process where the debtor petitions the court for bankruptcy protection. Also see Involuntary bankruptcy. Voluntary Bankruptcy A situation in which a debtor files for bankruptcy with a court. That is, no creditor forces the debtor into voluntary bankruptcy. A debtor may file for bankruptcy if it finds repaying its debts difficult or impossible. There are different kinds of voluntary bankruptcy. A company may file for liquidation, where a company ceases operations and sells its assets to repay creditors as far as possible. Likewise, a company may file a reorganization plan where some or all debts are forgiven and the company puts itself on a path toward solvency. See also: Chapter 7, Chapter 11, Chapter 13.
Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
|
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup |
|---|