5 Terms
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Bankruptcy
Industry: Legal services
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Bankruptcy
creditor
Legal services; Bankruptcy
A person or organization which has provided a loan to a debtor, and is owed dues.
turnover proceeding
Legal services; Bankruptcy
The required turning over of possessions of a bankrupt person to a trustee.
skiptracing
Legal services; Bankruptcy
The process of locating an individual, e.g. a debtor, who has 'skipped town' or is in hiding.
reorganization
Legal services; Bankruptcy
When an insolvent debtor reorganizes his assets, as opposed to liquidating them, and creditors have a claim on his future earnings.
nulla bona
Legal services; Bankruptcy
In the process of claiming a bankrupt's assets, when a sheriff returns a writ execution to the court after a search has been made and no assets found.
garnishee
Legal services; Bankruptcy
When property belonging to the defendant is in the posession of a third party, a garnishee can be issued to sieze the property.
guarantor
Legal services; Bankruptcy
An individual who guarantees to pay lone or hire repayments of another party if that party is unable to pay.
