bankruptcy

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bankruptcy,

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 ?
The new arrangements will replace the existing arrangement under the BO where the running of the bankruptcy period of a bankrupt will be suspended automatically under specified circumstances when the bankrupt has left Hong Kong, without regard to whether the bankrupt's absence from Hong Kong has prejudiced the administration of his estate.
Barclays is the only mainstream lender to offer the service after Co-operative Bank recently stopped offering new accounts to bankrupts.
All other personal income tax debtors who are more repetitive bankrupts must wait 36 months after the date of bankruptcy before being eligible to apply to the bankruptcy court for a discharge.
Gillian Guy, chief executive of Citizens Advice, said: "There are still groups, such as undischarged bankrupts, who struggle to open even a basic bank account.
The charity said the banks' stance increased financial exclusion for bankrupts and urged them to make the accounts available.
NatWest won't give bankrupts accounts until after six years, the time a bankruptcy is recorded on credit files, and Lloyds only offers accounts to discharged bankrupts.
Records kept at the Insolvency Service - which administer and investigate the affairs of bankrupts - shows Mr Hindhaugh was registered as "currently bankrupt" after an order was made on July 8 2008.
The research was based on a sample of 1,250 bankrupts across England and Wales.
ONE of the Midlands' leading insolvency practitioners is predicting a sharp rise in possession proceedings, at homes of former bankrupts.
DISCHARGED bankrupts from as long ago as the 80s may still have to repay their debts - even if it means having to sell their homes.
The regional trend is in line with figures for England and Wales that show almost 15% of all declared bankrupts in the year to March 31 2004 were 30 or younger; nearly twice the proportion two years earlier.
Anthony Josephs, president of the Northern Society of Chartered Accountants, said the figures gave the first official indication of the impact of measures in the new Enterprise Act which allows bankrupts to be discharged within one year rather than three.