proceeding in insolvency

Any assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved. UCC § 1-201(22). A proceeding wherein a person may be adjudicated insolvent and the assets of his estate be distributed according to law. 29 Am J Rev ed Insolv §§ 14 et seq. State insolvency statutes sometimes provide for the discharge of the debtor from his debts, but discharge under state laws is subject to material exceptions or limitations. 29 Am J Rev ed Insolv § 88.

Ballentine's law dictionary. . 1998.

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