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n the legal process by which a person, business, or corporation is declared to be insolvent and unable to pay creditors.
References in periodicals archive ?
A discharge from bankruptcy releases the bankrupt from the unsecured debts existing when the bankruptcy began except for certain specified claims.
The most common reason people gave for going bankrupt was that they had suffered an unexpected change in their circumstances, such as job loss, illness or an accident or relationship break-k down.
Deputy Chief Investigation Officer Glenn Wicks from the Department for Business Innovation and Skills said:This man was a bankrupt, meaning he should not have been controlling a company.
Some of the disadvantages of going bankrupt include: It will cost you between PS525 and PS705; If your income is high |enough, you can be asked to make payments towards your debts for three years; It will be dicult to take out |any credit while you are bank-bankrupt ; If you own your home, it |might have to be sold; Some of your possessions |might have to be sold, for example, your car and any expensive items, and You cannot keep your bank-bank | ruptcy private because a list of bankrupt people is published on the internet and your case could be in your local newspaper.
Across the UK, the number of people who were declared bankrupt fell by 13% in November.
Whitehall rules require anyone serving on a public body who is declared bankrupt to inform the responsible minister immediately.
Griffin was declared bankrupt at Welshpool County Court after the dispute with solicitors Gilbert Davies and Partners.
Giving evidence at Birmingham Crown Court, Hexley told defending barrister Chris Millington that he had failed to mention to clients that he had been made bankrupt in May 2010.
The management of the UK parent company informed last Friday the Belgian staff that the company was bankrupt.
Once you have been made bankrupt, you don't have to deal with your creditors.
1 percent of bankrupt companies were involved in commercial activities while 16.
Kimura earned the capital gains before the bank went bankrupt in September 2010.