act of bankruptcy meaning
something that you do that shows you are bankrupt (= that you do not have enough money to pay your debts):
Mr Dennis committed an act of bankruptcy by failing to comply with the requirements of a bankruptcy notice.
- bankruptcy reform act 1978: [Economics]A US la ...
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- available act of bankruptcy
- If a person commits an act of bankruptcy, then a creditor can apply to the judgment debt.
- They then fell out, and ultimately Hawes, by an act of bankruptcy, forced a dissolution of the partnership, and the concern then remained in the hands of Welsh alone.
- With the removal of the concept of " acts of bankruptcy ", the creditor simply applies to the court for a trustee to be appointed if a demand served to an individual remained unsatisfied.
- A law was thereafter enacted, which declared that no commission grounded on this act of bankruptcy was to be deemed invalid by reason of such declaration having been concerted or agreed upon between the bankrupt and any creditor or other person . ( Bankrupts ( England ) Act 1825, sections VI and VII ).