Act of bankruptcy

(redirected from Acts of Bankruptcy)
Also found in: Legal, Financial.
(Law) an act of a debtor which renders him liable to be adjudged a bankrupt.

See also: Act

References in periodicals archive ?
Other less common acts of bankruptcy arise when a debtor gives notice to a creditor that the debtor is, or is about to suspend payment of its debts or the debtor engages in a fraudulent conveyance, gift, or transfer of its property.
Acts of bankruptcy were forms of debtor fraud such as absconding with property to avoid legal processes and paying debts.
Acts of bankruptcy include: failing to meet liabilities as they come due; disposing of property with intent to defraud creditors; and notification to creditors that payment of debts is suspended.