Bankruptcy estate
The pool of assets and rights that pass to or are controlled by the trustee for the purposes of administering a bankruptcy.
Related terms
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Bankruptcy trustee
The person responsible for administering a bankrupt person’s estate, realising assets where appropriate and distributing available funds to creditors.
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Bankruptcy debt
A debt that falls within a bankruptcy and is dealt with under the rules of the bankruptcy estate, subject to statutory exceptions.
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Bankruptcy petition
A court application asking for a bankruptcy order to be made, commonly brought by a creditor where the legal conditions are met.
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