Explanation of Bankruptcy

An explanation of bankruptcy is provided to make the process of bankruptcy easier and more understandable. Factors such as introduction to bankruptcy, aims of bankruptcy, and the role of judicial bodies, are important in this context.

Introduction to Bankruptcy

Introduction to bankruptcy is an important part of the process in the explanation of bankruptcy. The process of bankruptcy may be explained as when the inevitable happens, bankruptcy, when a particular debtor is unable to pay his debts as scheduled.

Aims of Bankruptcy

Aims of bankruptcy are relevant in the overall context of the explanation of bankruptcy. One of the basic objectives of bankruptcy is to assist a debtor to be free from debts. An important aim of the process of bankruptcy is to be sure that all of the various properties of the debtor are divided equally among the creditors.

Role of Judicial Bodies

Judicial bodies play an important role in the process of explanation of bankruptcy. The judicial bodies are normally responsible for notifying the debtor of his status as bankrupt, through a bankruptcy order. Normally, judicial bodies perform such functions at the urging of either the creditors or the debtors.

Role of Trustees

The role of trustees is also important in the explanation of bankruptcy. Trustees receive the properties once the judicial procedures are over.

Trustees are either certified Insolvency Practitioners or Official Receivers. Trustees uncover, as much as they can or are allowed to, the properties and the dues of the debtors. They attempt to acquire the maximum possible returns from the properties, so that creditors may be paid off. The entire procedure is conducted according to the rules and regulations that are implemented for this purpose.

Implications of Bankruptcy

The implications of bankruptcy need to be understood if the explanation of bankruptcy is to be accomplished. The basic result of bankruptcy is that the debtor is free of his debts although he or she may have to lose a significant part of their property and cash.

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Last Updated on : 10th July 2013

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