ACT OF BANKRUPTCY

act of bankruptcy

glossary /

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.]

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act of bankruptcy

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act of bankruptcy 〈美〉破产行为 原联邦《破产法》〔Bankruptcy Act〕规定的可导致对债务人适用强制破产程序〔involuntary bankruptcy proceeding〕的行为，如债务人欺诈转让财产的行为。1979年《破产法典》〔Bankruptcy Code〕不再规定此种行为为强制破产的条件，而是概括规定了债务人不偿还其到期债务时即可强制破产。

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