11:10
Didnt plan on anyone living long enough lol
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Simple English definitions for legal terms
joint administration
Read a random definition: Jobs and Growth Tax Relief Reconciliation Act of 2003
A quick definition of joint administration:
Joint administration is when two or more bankruptcy cases are managed together under one docket to make things easier and faster. This usually happens when the cases involve related debtors, like a husband and wife or business partners. The goal is to make things more efficient for the court and creditors, but it shouldn't affect their rights. It's like putting two puzzles together to make one big puzzle.
A more thorough explanation:
Joint administration is a legal term used in bankruptcy cases. It refers to the management of two or more bankruptcy estates, usually involving related debtors, under one docket for the purpose of handling various administrative matters. This helps to conclude the cases more efficiently by sending notices to creditors.
For example, if a husband and wife file for bankruptcy separately, the court may order joint administration to handle both cases together. This helps to increase the administrative efficiency of administering the two cases, without affecting the substantive rights of creditors.
It is important to note that joint administration is different from substantive consolidation, which involves the merger of two or more bankruptcy cases into one estate for the purpose of distributing assets.
Overall, joint administration is a useful tool for handling related bankruptcy cases more efficiently, without affecting the rights of creditors.