MCS 3040 Chapter 20&27: MCS3040 Week 8 (Chapters 20 & 27) TEXTBOOK AND LECTURE NOTES - Fall 2014

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Trustee in bankruptcy: the person who has legal responsibility under the bia for administering bankruptcies and proposals. Estate: the collective term for the assets of a bankrupt individual or corporation. Insolvent: unable to meet financial obligations as they become due or having insufficient assets, if liquidated, to meet financial obligations. Debtor in possession dip financing: secured credit provided to compensate during the reorganization process with priority over existing secured creditors. Bankrupt: the legal status a debtor who has made an assignment or against whom a bankruptcy order has been issued (also used to describe a debtor who is bankrupt) Assignment in bankruptcy: the debtor"s voluntary assignment to the trustee in bankruptcy of legal title to the debtor"s property for the benefit of creditors. Bankruptcy order: an order of the court resulting in a person being declared bankrupt. Act of bankruptcy: one of a list of specified acts that the debtor must commit before the court will grant a bankruptcy order