voluntary bankruptcy


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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.

voluntary bankruptcy

A bankruptcy initiated by the organization entering the bankruptcy rather than by that organization's creditors. Organizations generally enter voluntary bankruptcy to protect themselves from creditors' claims. Compare involuntary bankruptcy. See also Chapter 7, Chapter 11.
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Breaking Down The Texas Rangers Move Into Voluntary Bankruptcy (http://bizofbaseball.
The auto parts supplier intends to start the proposed restructuring under court supervision as a step in its voluntary bankruptcy filing under Chapter 11 of the United States Bankruptcy Code by the company and certain of its United States and Canadian subsidiaries.
Carefully review the loan documents before taking any action--in particular, any voluntary bankruptcy filing to reorganize the community's debts.
After the money was transferred, the bank's parent company froze all customer accounts, preventing any persons from receiving invested money; the bank and its parent corporation filed voluntary bankruptcy petitions.
With estimated liabilities of about 670 million yen, Meat Hope filed for voluntary bankruptcy in July.
in May, but between 1987 and November 2004, he owned the Ducks Inn Restaurant in Camden, according to his voluntary bankruptcy petition.
Under the voluntary bankruptcy filing, Trump Atlantic City Associates, 99pc owned by Trump Hotels & Casino Resorts, listed $1.
Three-quarters of these had petitioned for voluntary bankruptcy.
Beleaguered TV entertainer Michael Barrymore has filed for voluntary bankruptcy in England, his agent revealed yesterday.
on Wednesday filed for voluntary bankruptcy -- less than six months after the start-up carrier was launched last October -- and the request was accepted by the court.
A more comprehensive educational drive must also target those individuals that lack financial prudence and regard voluntary bankruptcy as a way to wipe the slate clear of crippling debts, and will continue to do so following the introduction of user-friendly legislation introduced by the Government.

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