Bankrupt person-bankruptcy and liquidation, Financial Accounting

Bankrupt person

A bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency. Any person (other than a body corporate) can be made bankrupt (including in certain cases, infants and persons of unsound mind) who:

  1. Has incurred liquidated debts of Shs 1,000 or more; and
  2. Has committed an act of bankruptcy within the three months preceding presentation of the petition; and
  3. At the time the petition was presented was domiciled or within a year before, was ordinarily resident in a country or carrying on business in that country personally or by an agent or as a member of a firm.
Posted Date: 12/12/2012 5:47:53 AM | Location : United States

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