act of bankruptcy Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “act of bankruptcy” in the English Dictionary

"act of bankruptcy" in Business English

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act of bankruptcynoun [C]

uk   us  
LAW an ​action by someone who ​owesmoney that may give ​people they ​owemoney to a reason to ​ask a ​court to say that they are bankrupt (= ​legally unable to ​pay what they ​owe and ​forced to give up ​control of their ​finances): This Agreement may be ​terminated if the other ​partycommits any ​act of ​bankruptcy or has a receiving ​order made against it.
(Definition of act of bankruptcy from the Cambridge Business English Dictionary © Cambridge University Press)
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