A bankruptcy case commenced by the debtor’s creditors (usu. three or more), or, if the debtor is a partnership, by fewer than all the general partners. 11 USCA § 303(b). — Also termed involuntary proceeding. [Cases: Bankruptcy 2281. C.J.S. Bankruptcy § 56.]
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involuntary bankruptcy proceeding 强制破产程序 指不经债务人同意、由债权人向破产法院提出要求宣告债务人破产的程序。 (→involuntary adjudication)
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The termination of a corporation administratively (for failure to file reports or pay taxes), judicially (for abuse of corporate authority, management deadlock, or failure to pay creditors), or through involuntary bankruptcy. [Cases: Corporations 612. C.J.S. Corporations §§ 835–836, 842.]
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Bankruptcy. A claim that accrues in the ordinary course of business after an involuntary bankruptcy petition has been filed but before the order for relief or the appointment of a trustee. • The Bankruptcy Code gives priority to creditors with claims of this type to encourage creditors to continue dealing with a debtor until the
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involuntary insolvency 强制破产 指按照法律对被指控无力偿债的人提起的破产程序。 (→involuntary bankruptcy proceeding)
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See involuntary bankruptcy under BANKRUPTCY.
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petition in bankruptcy. A formal written request, presented to a bankruptcy court, seeking protection for an insolvent debtor. • The debtor (in a voluntary bankruptcy) or the debtor’s creditors (in an involuntary bankruptcy) can file such a petition to initiate a bankruptcy proceeding. [Cases: Bankruptcy 2257, 2290. C.J.S. Bankruptcy §§ 51, 57.]
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bankruptcy-remote entity. A business entity formed in a manner designed to minimize the risk of becoming a debtor in a bankruptcy case. • The entity’s organizational charter usu. requires at least one independent director to be appointed, as well as a unanimous vote by the entity’s directors, before a bankruptcy petition may be filed. The
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A petition filed in a bankruptcy court by a creditor seeking to declare a debtor bankrupt. • This type of petition may be filed only under Chapter 7 or Chapter 11 of the Bankruptcy Code. [Cases: Bankruptcy 2290. C.J.S. Bankruptcy § 57.]
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act of bankruptcy. An event, such as a debtor’s fraudulent conveyance of property, that triggers an involuntary bankruptcy proceeding against a debtor. • The 1978 Bankruptcy Reform Act abolished this requirement as a condition to an involuntary bankruptcy proceeding. [Cases: Bankruptcy 2281. C.J.S. Bankruptcy § 56.]