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Involuntary Bankruptcy |
Also found in: Wikipedia | 0.01 sec. |
Involuntary Bankruptcy A situation in which a creditor may force a debtor into bankruptcy. A creditor may file for involuntary bankruptcy if the debtor has become severely and consistently delinquent or if a custodian has been appointed for the debtor in the previous six months. After the petition is filed, the debtor usually has 20 days in which to contest it. If the debtor objects to involuntary bankruptcy, he/she must show either that payments are not as delinquent as claimed or that he/she is taking steps to restore solvency. If the debtor does not show this, the bankruptcy court can force liquidation to repay the creditor(s). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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law, Ellen Tracy has 20 days to respond to the involuntary bankruptcy petition. : Three limited liability companies managed by controversial businessman Ezri Namvar have been put into involuntary bankruptcy. B2Pro lawyer Scott Markovitz revealed that the company is considering filing an involuntary bankruptcy petition against Leibovitz, if she fails to clear the overdue payment. |
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