- A bankruptcy proceeding in which there are non-exempt assets that might be available to pay the claims of creditors.
liquidation, takeover, clean-out, seize merchandise, estate auction, repossess
Related Terms and Acronyms
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Bankruptcy (BK) — Acronym, Important,
- A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
- Business Bankruptcy — Definition,
- A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
- Claim — Definition,
- A creditor's assertion of a right to payment from a debtor or the debtor's property.
- Collection — Definition,
- The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
- Distress — Definition,
- The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.