Bankruptcy order
The formal order that places a person into bankruptcy and triggers the legal consequences of the process.
Related terms
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Bankruptcy Restrictions Order (BRO)
A court order in England and Wales that extends bankruptcy restrictions where serious misconduct is established, potentially for several years.
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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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Bankruptcy
A formal personal insolvency process that deals with debts a person cannot pay, while placing their assets and financial affairs under legal rules and oversight.
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