Bankruptcy code


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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 ?
Global Banking News-March 3, 2016--Yes Bank backs bankruptcy code
Bankruptcy trustees and chapter 11 debtors in possession who are lessors under real property leases have the right under section 365 of the Bankruptcy Code to reject a tenant's lease.
Section 303 of the Bankruptcy Code includes the requirements that must be satisfied to file an involuntary bankruptcy petition.
CPAs must be wary of this 2005 amendment to the Bankruptcy Code (USC Title 11) if a client has a history of unfiled returns with taxes due for those periods.
E filed a voluntary petition under Chapter 7 of the Bankruptcy Code and chimed that pension/annuity should be excluded from the bankruptcy estate under Section 541 (c)(2).
Under both the prior version of the Bankruptcy Code and BAPCPA, debtors may assign their rights in a lease to an entity that then designates who the replacement tenant is for the remaining lease term.
Insurance companies are organized, licensed and regulated under state insurance laws, and receiverships of insurers are governed not by the Federal Bankruptcy Code but by state insurance receivership laws and relevant case law, which vary from state to state.
In particular, French banks respond to a creditor-unfriendly bankruptcy code by requiring more collateral than lenders elsewhere, and by relying on particular collateral forms that minimize the statutory dilution of their claims in bankruptcy.
The paperback publication is targeted to both bankruptcy practitioners and business professionals and contains the full text of the new Bankruptcy Code effective April 2005, including comparisons to the current Code and changes to relevant sections of Title 18 and 28.
subsidiaries have filed voluntary petitions under Chapter 11 of the Federal Bankruptcy Code.
Bluelight's are in San Francisco and United Online's are in Westlake Village, Illinois and Washington fear hidden assets, unable to be taxed under the blanket protection of Section 1146(c) of the Bankruptcy Code.
While the bankruptcy code does specify that a debtor may cancel certain leases, note that should those rental locations stay vacant for a period of time, the landlords have the right to make a claim for future unpaid rents.