An inventory of the estate of a deceased person must be sworn to and lodged by executors on taking up their duties. Oath - A solemn undertaking, with a formal reference to God, that what is asserted is in fact true or what is promised will be performed, used especially of the pledge made by a witness promising to speak the truth in giving evidence. In a Chapter 7 liquidation case, the Office of the United States Trustee immediately appoints an interim trustee to administer the case. In a Chapter 11 Planthe debtor-in-possession must completely satisfy the claims of a higher, dissenting class before the claimsof classes lower in priority can participate in the reorganization. Security interest is often used to describe any lien on property. Assume - To adopt, as of a new trustee. A mortgage on real property is a lien.
Bernstein-Burkley, P.C.'s Dictionary Of Bankruptcy Terminology explains the most This may also be referred to as a creditors' petition. verb. petitioned; petitioning\ pə-ˈti-sh(ə-)niŋ \.
Dictionary of Bankruptcy Terminology
Definition of petition (Entry. (as a court or board) a petition for equitable relief the creditor filed a petition for. Definition of bankruptcy petition: Application by a debtor (or his or her creditors) to a court to declare the debtor bankrupt.
On courts approval, the debtor's assets.
Nova debita - New debts.
Bankruptcy dictionary definition bankruptcy defined
Chapter 13 bankruptcy prepackaged bankruptcy nonbankruptcy Bankruptcy Code. Partner - A person carrying on a business in common with another or others with a view to profit. The trustee is a private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases and some chapter 11 cases. A plan may be changed by the proponent of the plan or the reorganized debtor before or after confirmation.
Throughout the dictionary, words or phrases defined elsewhere, either with their own definition or in another context, are in boldface and linked to their definition.
Video: Debtor petition definition verb What is AUTOMATIC STAY? What does AUTOMATIC STAY mean? AUTOMATIC STAY meaning & explanation
Definition of Debtors in the Legal Dictionary - by Free online English In Bankruptcy law, a person who files a voluntary petition or person against whom an.
Bankruptcy Basics Glossary United States Courts
Petition in Bankruptcy. A document filed in a specialized federal court to commence a proceeding to provide a means by which a debtor who is unwilling or.
Associate - In the law of bankruptcy, a person within certain categories of relationship with the debtor, including a relative, employer, employee or business partner.
Before filing a bankruptcy case usually a Chapter 11 debtor and creditors negotiate an agreed upon plan. Sheriffdom - The area within which a sheriff principal exercises his jurisdiction.
A bankruptcy proceeding whereby a debtor, usually a business, is allowed to reorganize itself and restructure its finances under court supervision and to arrange and carry out a court-approved repayment plan with its creditors while continuing to operate its business.
The Lord President also has a number of administrative powers and functions. The time may be extended or shortened by the court.
Debtor petition definition verb
|An individual debtor appears in person; a corporation is represented by an executive officer; both must answer questions under oath.
Bankruptcies fall into two categories.
The action by which a court postpones payment to one creditor until others are paid. Register of Insolvencies - A public register maintained by the Accountant in Bankruptcy in which are recorded details of all sequestrations awarded by the Scottish Courts.
Attachment - A form of diligence over corporeal moveable property for recovery of money owed.
(For a full definition see Section 7 of the Bankruptcy (Scotland) Act ). Date of Sequestration - Means in the case of a debtor's petition, the date on which.
It is being brought progressively into effect under Land Registration Scotland Act and will eventually supersede the recording of deeds in the General Register of Sasines. A lien prevents the sale of the encumbered item without the permission of, or payment to, the lien holder. For a full definition see Section 7 of the Bankruptcy Scotland Act A plan may be changed by the proponent of the plan or the reorganized debtor before or after confirmation.
A contract for the sale of goods where the goods have been delivered and the receiving party has yet to pay, is not an executory contract.
Petition Definition of Petition by MerriamWebster
H Return to Top. Assignation - A formal transfer of rights by an entitled person to another person.