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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According to court documents filed today in the Texas Rangers voluntary bankruptcy case, the club is is in danger of seeing gross income lower this year than last, and may not meet last year's totals, an increase from 2008.
Scandal-hit Meat Hope files for voluntary bankruptcy
Bankruptcy judge's ruling saying creditors had veto power over a "prepackaged plan" that would exit the Texas Rangers from voluntary bankruptcy may not be as detrimental as initially believed.
The Tomakomai branch of the Sapporo District Court ruled Wednesday that voluntary bankruptcy procedures be launched for a Hokkaido meat processor involved in a false-labeling scandal.
The bankruptcy judge in the voluntary bankruptcy case of the Texas Rangers may have dealt a blow to the prospective ownership group led by Chuck Greenberg and Nolan Ryan by ruling that secured creditors of the Texas Rangers are "impaired" and therefore are allowed to vote whether to accept or reject a "prepackaged plan" designed by the Rangers to exit the club from Chapter 11 bankruptcy and complete the sale.
In view of there being no prospect of resuming operations at the plant, and having failed to find any candidate to take over its operations, Kyowa Perfumery sought voluntary bankruptcy.
html), the status conference for the Texas Rangers voluntary bankruptcy case is scheduled for 1:30pm CT

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