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Definition of Legal bankruptcy
A legal proceeding for liquidating or reorganizing a business.
State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from
The reorganization or liquidation of a firm that cannot pay its debts.
The argument that expected indirect and direct bankruptcy costs offset the other
The risk that a firm will be unable to meet its debt obligations. Also referred to as default or insolvency risk.
The argument that expected bankruptcy costs preclude firms from being financed entirely
A federal Act shielding employers from liability if they have made
Value at which a company's shares are recorded in its books.
The deposit of cash and permitted securities, as specified in the bond indenture, into an
Investments that a regulated entity is permitted to make under the rules and regulations
See reserve requirement.
A bankruptcy in which a debtor and its creditors pre-negotiate a plan or
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