Bankrupt law - definition of Bankrupt law by The Free Dictionary
Related to Bankrupt law: Bankruptcy Code
|a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.|
See also: Bankrupt
References in periodicals archive
Guilt that depends on a morally bankrupt law
reveals the moral bankruptcy of the law, not of the person accused of violating it," Blackman added.
Liberal new bankrupt laws
could backfire by encouraging irresponsible borrowers to take on more debt, Birmingham finance experts have claimed.