Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 5 entries in the glossary. | |
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| Term | Definition |
| vest | Assets that are owned by the bankrupt and are not exempt or encumbered would vest in the trustee for the benefit of the creditors. What this means is that they would become part of the bankruptcy estate. They would no longer be owned or controlled by the bankrupt. The trustee would be required to take control of the assets and to sell them. The trustee does this on behalf of the unsecured creditors. |
| Vesting of Property in Trustee | Assets that are owned by the bankrupt and are not exempt or encumbered would vest in the trustee for the benefit of the creditors. What this means is that they would become part of the bankruptcy estate. They would no longer be owned or controlled by the bankrupt. The trustee would be required to take control of the assets and to sell them. The trustee does this on behalf of the unsecured creditors. |
| Vesting Order | An Order by the Court that gives to a person, possession, control or title of property. |
| Vexatious | An act done by a person in order to annoy, embarrass or otherwise aggravate that person, and which has no foundation in fact or otherwise. |
| Voting Letter | A document in which a proven creditor registers his vote for or against the acceptance of a proposal. |
| Glossary V2.0 | |