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 ?
There has also been a large year-on-year increase in the number of people prepared to report their colleagues, friends and family to the DTI's criminal allegations hotline, set up help catch fraudulent bankrupts.
It suggests consumer debt problems among women and under 30s are contributing to the tollA total 46,651 people became bankrupt or entered into an individual voluntary arrangement in England and Wales in 2004.
It will be interesting to see if this trend reverses when, as expected, more Bankruptcy Restriction Orders (BROs) are issued which can impose far tighter restrictions on a bankrupt for up to 15 years.
Of these, 16% believed bankrupts should never be allowed to run a business again, an increase of 7% on the 2003 findings - reflecting a hardening of attitudes towards bankrupts in the UK.
Defiant Griffin tweeted: "Being bankrupt does not prevent me being or standing as an MEP.
The Insolvency Service said that such cases are rare, but it is the potential risk which is currently putting banks off offering accounts to undischarged bankrupts.
Bankruptcy must not operate as a clearinghouse for repeat bankrupts and excessive personal income tax debt.
Banks have been urged to treat people who had gone bankrupt fairly and give them access to a basic account.
uk, the free debt help website, is calling on UK banks to offer undischarged bankrupts basic banking facilities.
It has now emerged that the Tynemouth-born ex-bar boss, who started out in the pub chain business, was declared bankrupt last summer.
THE proportion of pensioners going bankrupt has more than doubled during the past five years, figures showed yesterday.
Higgs & Sons' head of insolvency David Ellis said those most at risk in the region were property owners made bankrupt before April 1 2004, as well as anyone living with them in the property.