Bankruptcy Event
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A Bankruptcy Event is a legal event where a bankrupt entity cannot repay the debts it owes to creditors.
- Context:
- It can range from being a Personal Bankruptcy to being an Organizational Bankruptcy.
- It can be a member of a Bankruptcy Population (and contribute to a bankruptcy rate).
- …
- Example(s):
- Bear Sterns?..
- a Medical Expense-caused Bankruptcy (due to medical bills).
- Abraham Lincoln's bankruptcy (of Abraham Lincoln).
- …
- Counter-Example(s):
- See: Financial Distress, Fraud, Bank Run.
References
2013
- http://en.wikipedia.org/wiki/Bankruptcy
- Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.
- Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.