Act of bankruptcy

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(Law) an act of a debtor which renders him liable to be adjudged a bankrupt.

See also: Act

References in periodicals archive ?
They're going to hide behind this cowardly act of bankruptcy and try to make it sound like we're being greedy.
The BIA defines an act of bankruptcy to include situations where the debtor ceases to meet its liabilities as they generally become due.
The act of bankruptcy won't go away, but we can make it a little less painful and equitable for the parties involved.