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BANKRUPTCY

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1) The insolvency of a person or business, i.e., the inability of a debtor to pay his debts when they mature. See Cross-links: DEFAULT.

2) The legal process authorized by federal law where all debtor's assets, with some lawful exceptions, are liquidated and distributed on a proportionate basis to the bankrupt's creditors.

Bankruptcy is a proceeding authorized by federal law for people and corporations that are unable or unwilling to pay their debts when they become due, i.e., their total liabilities exceed their total assets.

For more detailed information about the tax ramifications of bankruptcy obtain tax publications #908 and #586A from any IRS office.

See Cross-links: INSOLVENCY, DISSOLUTION, ADJUDICATION, CORPORATION under "Corporate Reorganization," STOCK under "Nonassessable Stock," CONTRACT-RECORDING CONTRACT clause #48. CONTRACT-SONGWRITER/PUBLISHER CONTRACT clause #38, CONTRACT-COMPUTER BUYER/VENDOR CONTRACT clause #16.
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Bankrupt:

1) A person who has filed for bankruptcy or against whom a bankruptcy petition has been filed.

2) One who has been declared bankrupt by a court of law.

3) The state or condition of being unable to pay one's debts when they mature.

See Cross-links: INSOLVENCY, DISSOLUTION, ADJUDICATION, CORPORATION under "Corporate Reorganization," CONTRACT-RECORDING CONTRACT clause #48. CONTRACT-SONGWRITER/PUBLISHER CONTRACT clause #38, CONTRACT-COMPUTER BUYER/VENDOR CONTRACT clause #16.

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