Vesting
The legal transfer of ownership or rights from one person to another by operation of law. In bankruptcy, certain assets vest in the trustee.
Related terms
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Bankruptcy estate
The pool of assets and rights that pass to or are controlled by the trustee for the purposes of administering a bankruptcy.
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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
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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