Bankrupt law

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 ?
DWT, argued in the California Supreme Court, The court ruled that Jones Day had established, after a nearly decade-long fight, that a bankrupt law firm has no right to hourly fees earned by other firms on the defunct firms prior matters, because client matters belong to clients, not lawyers.
The hits just keep on coming for Dewey & LeBoeuf, as the bankrupt law firm agreed on Friday to pay up to $1.4 million to destroy old client files.
Relative to the Application and Discharge of Persons under the Bankrupt Law, House Dec.
1843; "The Bankrupt Law Repealed--The Results," New York Herald, 6 March 1843.
(17) "Expenses in Bankruptcy"; Report from the Secretary of State, In Compliance with a Resolution of the Senate, in Relation to the Operation of the Bankrupt law, Senate Doc.
Chandler, The Bankrupt Law of the United States, With an Outline of the System; Together with the Rules and Forms in Massachusetts (Boston, Mass., 1842), 92-93.
bankruptcy judge approved a $71.5 million settlement between former Dewey & LeBoeuf partners and the bankrupt law firm's estate on Tuesday.
Liberal new bankrupt laws could backfire by encouraging irresponsible borrowers to take on more debt, Birmingham finance experts have claimed.