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Bankruptcy : Terms and definitions |
| [ Publication date Jan 01, 2001 ] |
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To be bankrupt is to be financially crippled. A bankrupt cannot be allowed to handle his/her own money. In fact, his/her valuables and belongings will be handed over to a government officer known as the Official Assignee, for control and distribution to his/her approved creditors.Terms and Definitions:- - Insolvent person
- A person who is unable to pay his or her debts.
- Scheme of Arrangement
- Instalment plan.
- Recission
- Cancellation
- Annulment
- Termination
- Proof of Debt
- Claims filed by creditor showing documentary proof that the debtor does owe money to the creditor. eg. Orders granted from court or signed contracts etc.
- Date of Bankruptcy
- Date Bankruptcy Petition filed/presented.
- Secured Creditor
- creditors who hold security over your goods and property (eg. Bank that has you have mortgaged your property to).
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