petition in insolvency
- A petition, voluntary or involuntary, for the adjudication of a person as an insolvent, to the purpose that insolvency proceedings may ensue, wherein such assets as the insolvent has may be distributed according to law. 29 Am J Rev ed Insolv § 14.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
Insolvency — means the inability to pay one s debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts. Business insolvency is defined in two different ways: Cash flow insolvency Unable… … Wikipedia
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act of insolvency — An act or omissions of a debtor which justifies the filing of a petition in insolvency against him, such as making a general assignment for the benefit of creditors, failure to procure the dissolution of an attachment of his property,… … Ballentine's law dictionary
Administration (insolvency) — Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process mdash; an alternative to … Wikipedia
winding-up petition — The process by which a company dies. Under Part IV of the Insolvency Act 1986, there are three separate procedures a members voluntary winding up where a company is solvent, a creditors voluntary winding up for insolvent companies and a… … Law dictionary
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Bankruptcy — Notice of closure attached to the door of a computer store the day after its parent company declared bankruptcy (strictly, put into administration see text) in the United Kingdom. Bankruptcy is a legal status of an insolvent person or an… … Wikipedia