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bankruptcy
Longman Dictionary of Contemporary English
bankruptcy
noun
COLLOCATIONS FROM OTHER ENTRIES
bankruptcy proceedings
▪ She faced criminal charges in addition to bankruptcy proceedings.
COLLOCATIONS FROM CORPUS
■ ADJECTIVE
federal
▪ The Chapter 7 petition was filed in federal bankruptcy court in Newark.
▪ Brahney extended the deadline to March 4 from Jan. 22, which was the deadline under federal bankruptcy law.
▪ A federal bankruptcy court is scheduled to review the petition late this month.
▪ In fact, a federal bankruptcy court in 1994 refused to allow asbestos claims to go forward against Jim Walter.
▪ He was named a district judge by President Nixon in 1974 after a decade on the federal bankruptcy bench.
personal
▪ Valere Tjolle, chairman of the company, has filed for personal bankruptcy.
▪ Kevin declared personal bankruptcy in September 1992 and both he and Ian received legal aid.
▪ For instance, despite the continued strong national economy, a record 1 million people filed for personal bankruptcy protection last year.
■ NOUN
case
▪ Peter never went near him after the bankruptcy case.
court
▪ But some buy-outs have ended in the bankruptcy court or in acute distress.
▪ As a result, the bankruptcy court dismissed their case in September 1993&038;.
▪ A small management group will remain to prepare and manage a reorganisation plan while the company is in bankruptcy court protection.
▪ The Chapter 7 petition was filed in federal bankruptcy court in Newark.
▪ The first came from Judge Burton Lifland of the bankruptcy court.
▪ Naturally, stock market crashes and recessions end up tossing businesses into bankruptcy court and throwing people out of work.
▪ The deal was being completed as we went to press, subject to approval by the bankruptcy courts.
▪ Trying to determine where the bulk of investors' money has gone is the primary goal of the bankruptcy court.
law
▪ No such abuse of the bankruptcy laws was to be dreaded as Mr Erskine had feared.
▪ The credit industry argues that the changes are needed to prevent people who can repay their debts from hiding behind bankruptcy law.
▪ This explains bankruptcy law in every country of the United Kingdom and is available from us.
▪ Brahney extended the deadline to March 4 from Jan. 22, which was the deadline under federal bankruptcy law.
▪ Britain's 19-century bankruptcy laws will also be overhauled.
▪ They want more disclosure from the industry in exchange for tougher bankruptcy laws.
▪ The Czech government does not want to see lots of companies go under because of a new bankruptcy law.
▪ In effect, the class settlement is attempting an end-run around the bankruptcy laws and an end-run around Congress.
order
▪ The court has power to rescind a bankruptcy order under this section.
▪ The court will not make a bankruptcy order unless it is satisfied that the individual can not pay his debts.
▪ The bankruptcy order does not act as an automatic stay of all proceedings against the bankrupt.
▪ Read in studio Author and historian Count Nikolai Tolstoy has applied to have a bankruptcy order against him annulled.
▪ A statutory demand is one of the statutorily prescribed prerequisites to obtaining remedies afforded to creditors by a bankruptcy order.
▪ See Chapter 5 below for the procedure for setting aside bankruptcy orders.
petition
▪ On 20 December a bankruptcy petition founded on that act of bankruptcy was presented.
▪ In a 1993 bankruptcy petition, he listed debts of $ 157, 000 and assets of $ 3, 754.
▪ Secondly, the proceedings were by way of bankruptcy petition.
▪ The judgment not being satisfied, the bank presented a bankruptcy petition against B alone for the whole debt.
▪ This, in turn, enables the creditor to present a bankruptcy petition.
▪ The bank then served a bankruptcy petition on A for the other half.
▪ In May 1990 a bankruptcy petition was presented against Mr Flint.
▪ A bankruptcy petition based on that demand was issued on 20 September.
proceeding
▪ No sum is disclosed but bankruptcy proceedings can only be brought if at least £750 is owed.
▪ The prosecution sought to adduce in evidence documents which contained statements made by the defendant in the earlier bankruptcy proceedings.
▪ First, about half of it will be used to pay creditors and to meet legal fees connected with the bankruptcy proceedings.
▪ Alliant Computer Inc, which used the 80860 in high-end parallel systems recently filed Chapter 11 bankruptcy proceedings.
protection
▪ There is increased speculation this could be done through bankruptcy or a reorganization under bankruptcy protection.
▪ Carolco filed for Chapter 11 bankruptcy protection in November and now is selling off its assets.
▪ ExUnited Way chief William Aramony gets a seven-year prison sentence for embezzlement. 26 -- Bradlees seeks bankruptcy protection.
▪ Adler Coleman, a clearing company for about 40 brokerage firms, files for bankruptcy protection.
▪ For instance, despite the continued strong national economy, a record 1 million people filed for personal bankruptcy protection last year.
▪ Rosenthal said Barneys has received no domestic goods shipments since it filed for bankruptcy protection last Wednesday night.
▪ Spectrum has been operating for the past year under Chapter 11 bankruptcy protection.
reorganization
▪ Two months later, Valmark also filed for bankruptcy reorganization, seeking protection from creditors.
▪ One of the top bidders, Pocket Communications, filed for Chapter 11 bankruptcy reorganization earlier this year.
▪ And the Chapter 7 bankruptcy reorganization will float aloft on clouds of harmonious enthusiasm.
▪ In the past, these bonds have been issued primarily as a part of bankruptcy reorganization plans.
▪ Mounting debts and intense competition drove the airline to attempt a Chapter 11 bankruptcy reorganization in 1991.
■ VERB
avoid
▪ Car-parts maker Federal-Mogul recently secured Dollars 550m in extra credit to avoid bankruptcy and fight its asbestos lawsuits.
▪ Chapter 11 permits a company to avoid immediate bankruptcy liquidation and continue in operation, at least temporarily.
▪ It seemed that we could just about raise the amount of the offer we had decided upon and still avoid bankruptcy.
▪ Olympia &038; York was insolvent and had sought the protection of the courts to avoid bankruptcy.
▪ Henceforward, Pearse had a constant battle to avoid bankruptcy.
▪ But at least it pays no rent and in practice it is secure so long as it farms the land and avoids bankruptcy.
declare
▪ To put it simply: your Earth Government has declared bankruptcy.
▪ Last week, the board voted to declare bankruptcy.
▪ Faced with such a towering judgment, Simpson could declare bankruptcy.
▪ Steel Co., which was drowning in debt and eventually declared bankruptcy last month.
▪ Major retailers are considering or have already declared bankruptcy.
▪ The Supreme Court ruled in 1990 that convicted criminals can avoid making restitution by declaring bankruptcy.
▪ Kevin declared personal bankruptcy in September 1992 and both he and Ian received legal aid.
▪ Two funds were frozen by the government; others declared bankruptcy or slashed their interest rates and stopped paying back principal.
face
▪ Southern California Edison, one of the electricity companies facing bankruptcy, defaulted on debt repayments of $ 596m.
▪ Amtrak said it would face bankruptcy if it paid the salary the union asks.
▪ Hodgkinson senior says Rees faces possible bankruptcy and raised more than £1,000 during Nottingham's match against Northampton.
▪ Tony Stevens says he faces bankruptcy.
▪ They were faced with bankruptcy but there was enough expertise within the company to take a gamble on a change of direction.
▪ The ruling left Irving facing bankruptcy with a total of £2.5m in defence costs.
file
▪ In December, after 128 years, the retailer announced that it was filing for bankruptcy.
▪ Consequently, Terrell said Simpson may have to take other steps, such as filing for bankruptcy.
▪ The current team's owners have filed for bankruptcy.
▪ In November, a 34-store Taco Bell franchisee in California filed for bankruptcy.
▪ The list of transactions has grown steadily since Symington filed for Chapter 7 bankruptcy in September.
▪ The overseas operations of Wang have not filed for bankruptcy.
force
▪ As the banks were squeezed, they called in loans and forced bankruptcy on their clients.
▪ The Shorelands Company was forced to file for bankruptcy.
▪ Some items are so valuable that the owners have been forced into bankruptcy by their loss.
▪ Such an action will force refinancing of the issue or can even force the issuer into bankruptcy.
lead
▪ It helped to maintain levels of production and to prevent price-cutting wars which led to further bankruptcies and so to further unemployment.
▪ Such unplanned success can lead to business bankruptcy and, even worse, emotional bankruptcy as well.
▪ This, coupled with a lack of accounting controls, led the district into bankruptcy.
list
▪ In a 1993 bankruptcy petition, he listed debts of $ 157, 000 and assets of $ 3, 754.
present
▪ This, in turn, enables the creditor to present a bankruptcy petition.
seek
▪ ExUnited Way chief William Aramony gets a seven-year prison sentence for embezzlement. 26 -- Bradlees seeks bankruptcy protection.
EXAMPLES FROM OTHER ENTRIES
▪ Corporate bankruptcies increased last year.
▪ the moral bankruptcy of this materialistic society
EXAMPLES FROM CORPUS
▪ Bankers and the new elite were threatened by bankruptcy.
▪ But the company which makes it has been close to bankruptcy.
▪ Here, when the relevant act of bankruptcy occurred, Mr. Dennis was a beneficial joint tenant of the two properties.
▪ Public enterprises run little risk of bankruptcy, and if targets are not met, governments usually step in to cover deficits.
▪ They want more disclosure from the industry in exchange for tougher bankruptcy laws.
▪ Trying to determine where the bulk of investors' money has gone is the primary goal of the bankruptcy court.
▪ With the abrupt economic slowdown, credit card companies expect more delinquencies and bankruptcies.
The Collaborative International Dictionary
Bankruptcy

Bankruptcy \Bank"rupt*cy\, n.; pl. Bankruptcies.

  1. The state of being actually or legally bankrupt.

  2. The act or process of becoming a bankrupt.

  3. Complete loss; -- followed by of.

Related phrases:
Douglas Harper's Etymology Dictionary
bankruptcy

1700, from bankrupt, "probably on the analogy of insolvency, but with -t erroneously retained in spelling, instead of being merged in the suffix ...." [OED]. Figurative use from 1761.

Wiktionary
bankruptcy

n. A legally declared or recognized condition of insolvency of a person or organization.

Related phrases:
WordNet
bankruptcy

  1. n. a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"

  2. inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks" [syn: failure]

  3. a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy

Wikipedia
Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.

Related phrases:

Usage examples of "bankruptcy".

An adjudication in bankruptcy is no longer requisite to the exercise of bankruptcy jurisdiction.

In 1867 the debtor for the first time was permitted, either before or after adjudication of bankruptcy, to propose terms of composition which would become binding upon acceptance by a designated majority of his creditors and confirmation by a bankruptcy court.

Thus it happens that the judge almost always appoints as assignees those creditors whom it suits the bankrupt to have,--another abuse which makes the catastrophe of bankruptcy one of the most burlesque dramas to which justice ever lent her name.

There is cause to arraign the bankrupt on a charge of wilful bankruptcy.

Bayard went down on that day of storm and the dark waters of defeat and bankruptcy closed above him, there had been stretched one hand to save.

It held that the House of Representatives had overstepped its jurisdiction when it instituted an investigation of losses suffered by the United States as a creditor of Jay Cooke and Company, whose estate was being administered in bankruptcy by a federal court.

The first bankruptcy law, passed in 1800, departed from the English practice to the extent of including bankers, brokers, factors and underwriters as well as traders.

Since Congress may not supersede the power of a State to determine how a corporation shall be formed, supervised and dissolved, a corporation which has been dissolved by a decree of a State court may not file a petition for reorganization under the Bankruptcy Acts.

But Congress may impair the obligation of a contract and may extend the provisions of the bankruptcy laws to contracts already entered into at the time of their passage.

It may also empower courts of bankruptcy to entertain petitions by taxing agencies or instrumentalities for a composition of their indebtedness where the State has consented to the proceeding and the federal court is not authorized to interfere with the fiscal or governmental affairs of the petitioner.

Also bankruptcy legislation must be uniform, but the uniformity required is geographic, not personal.

Thus during the first 89 years under the Constitution a national bankruptcy law was in existence only sixteen years altogether.

Later cases were to settle further that the enactment of a national bankruptcy law does not invalidate State laws in conflict therewith but serves only to relegate them to a state of suspended animation with the result that upon repeal of the national statute they again come into operation without reenactment.

State court was without power to proceed with pending foreclosure proceedings after a farmer-debtor had filed a petition in the federal bankruptcy court for a composition or extension of time to pay his debts.

United States to stay proceedings in State courts except where such injunctions may be authorized by any law relating to bankruptcy proceedings.