discharge of bankrupt
- discharge of bankrupt
For bankrupts who do not qualify for the automatic discharge, the trustee is required within one year from the beginning of the bankruptcy to apply to the court for a hearing of the application for a discharge.The court official has several options from which to choose. At the hearing, the court decides whether to postpone the hearing to a later date, refuse the discharge, or issue any of the following orders:@ order of absolute dischargeOrder of absolute discharge which relieves the bankrupt of the debts incurred before the bankruptcy, except for the exceptions provided in the Act.@ order of conditional dischargeOrder of conditional discharge where certain conditions must be met before an absolute order of discharge is issued.@ order of suspended dischargeOrder of suspended discharge where the court orders a delay before the discharge becomes effective. (Dictionary of Canadian Bankruptcy Terms)@
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.
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discharge — (1) The action of releasing a lien or the document in which the creditor relinquishes a lien. Also known as a satisfaction, a release, a reconveyance, or an extinguishment. However, release tends to be used in connection with both real and… … Financial and business terms
discharge — noun / dɪstʃɑ:dʒ/ 1. a payment of debt ♦ in full discharge of a debt as full payment of a debt 2. ♦ in discharge of her duties as director while carrying out her duties as director ■ verb /dɪs tʃɑ:dʒ/ 1. ♦ to discharge a bankrupt to release… … Dictionary of banking and finance
discharge — dis·charge 1 /dis chärj, dis ˌchärj/ vt 1: to release from an obligation: as a: to relieve of a duty under an instrument (as a contract or a negotiable instrument); also: to render (an instrument) no longer enforceable a formal instrument...may… … Law dictionary
discharge in bankruptcy — n. The release of a bankrupt person from his or her debts. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. discharge in bankruptcy … Law dictionary
bankrupt — bank·rupt 1 / baŋ ˌkrəpt/ n: a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor s creditors was adjudicated a bankrupt see also debtor bankrupt 2 adj:… … Law dictionary
discharge in bankruptcy — UK US noun [U] (UK FINANCE, LAW ► an order from a court that allows someone who is legally bankrupt to stop owing money for particular debts: »Although a bankrupt’s name may be removed from the register within a year after discharge from… … Financial and business terms
discharge — [dis chärj′; ] also, & for n., usually [ dis′chärj΄] vt. discharged, discharging [ME dischargen < OFr descharger < VL * discarricare, to unload < L dis , from + carrus, wagon, CAR1] 1. to relieve of or release from something that burdens … English World dictionary
discharge — dischargeable, adj. discharger, n. v. /dis chahrj /; n. /dis chahrj, dis chahrj /, v., discharged, discharging, n. v.t. 1. to relieve of a charge or load; unload: to discharge a ship. 2. to remove or send forth: They discharged the cargo at New… … Universalium
discharge — dis•charge v. [[t]dɪsˈtʃɑrdʒ[/t]] n. [[t]ˈdɪs tʃɑrdʒ, dɪsˈtʃɑrdʒ[/t]] v. charged, charg•ing, n. 1) to relieve of a charge or load; unload: to discharge a ship[/ex] 2) to remove or send forth: They discharged the cargo at New York[/ex] 3) mil to… … From formal English to slang
bankrupt's discharge — termination of bankruptcy status, determination that one has repaid his debts and is therefore no longer bankrupt … English contemporary dictionary