bankruptcy petition
Definition
Application by a debtor (or his or her creditors) to a court to declare the debtor bankrupt. On courts approval, the debtor's assets are sold off (liquidated) and the proceeds are equitably distributed among the creditors.
Mentioned in these definitions
Popular 'Banking, Commerce & Finance' Terms
bankruptcy petition in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/bankruptcy-petition.html
