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bankruptcy-remote entity.A business entity formed in a manner designed to minimize the risk of becoming a debtor in a bankruptcy case. • The entity’s organizational charter usu. requires at least one independent director to be appointed, as well as a unanimous vote by the entity’s directors, before a bankruptcy petition may be filed. The business…

bankruptcy proceeding. 1.BANKRUPTCY(1).2. Any judicial or procedural action (such as a hearing) related to a bankruptcy. [Cases: Bankruptcy  2156.C.J.S. Bankruptcy § 26.][Blacks Law 8th]

bankruptcy law. 1.INSOLVENCY LAW. 2. Traditionally, a statute that provides some relief and protection to an insolvent debtor or to the debtor’s creditors. Cf. INSOLVENCY LAW. 3.BANKRUPTCY(2). BANKRUPTCY PLAN bankruptcy plan.A detailed program of action formulated by a debtor or its creditors to govern the debtor’s rehabilitation, continued operation or liquidation, and payment of debts.…

bankruptcy fraud.See FRAUD.[Blacks Law 8th]

bankruptcy estate.A debtor’s legal and equitable interests in property at the beginning of a bankruptcy case where the property is subject to administration. See 11 USCA § 541. [Cases: Bankruptcy  2491–2559.C.J.S. Bankruptcy §§ 105–109, 111, 113–120, 122–124, 126, 128.][Blacks Law 8th]

bankruptcy crime.A crime committed in connection with a bankruptcy case, such as a trustee’s embezzling from the debtor’s estate. 18 USCA §§ 152–157. See bankruptcy fraud under FRAUD.[Blacks Law 8th]

Bankruptcy Court.A U.S. district court subunit comprising the bankruptcy judges within the district and exclusively concerned with administering bankruptcy proceedings. [Cases: Bankruptcy  2121, 2123. C.J.S. Bankruptcy § 7.][Blacks Law 8th]

bankruptcy case.A proceeding commenced by filing a voluntary or involuntary petition under a bankruptcy statute. See BANKRUPTCY(1). [Blacks Law 8th]

Bankruptcy Act.The Bankruptcy Act of 1898, which governed bankruptcy cases filed before October 1, 1979.[Blacks Law 8th]

bankruptcy. 1. A statutory procedure by which a (usu. insolvent) debtor obtains financial relief and undergoes a judicially supervised reorganization or liquidation of the debtor’s assets for the benefit of creditors; a case under the Bankruptcy Code (Title 11 of the United States Code). • For various types of bankruptcy under federal law, see the…