(thing) by coby Sun Apr 16 2000 at 20:03:56

Term used under former federal Bankruptcy Act, to refer to any act which rendered a person liable to be proceeded against involuntarily as a bankrupt, or for which he could be adjudged bankrupt. The new Bankruptcy Code (1979) no longer provides for specific acts of bankruptcy, but rather provides for involuntary bankruptcy when the debtor, in general, is not paying his debts as they become due. Bankruptcy Code, Sec. 303.

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