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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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