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LSDefine

Simple English definitions for legal terms

notorious insolvency

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A quick definition of notorious insolvency:

Notorious insolvency is a legal term used in Scottish law to describe the stage of insolvency where a debtor publicly acknowledges their inability to pay their debts. This stage is usually followed by sequestration, which is when a trustee is appointed to manage the debtor's assets for the benefit of their creditors. In simpler terms, it means that someone who owes money has admitted they can't pay it back and the law has stepped in to help sort things out.

A more thorough explanation:

Definition: Notorious insolvency is a term used in Scots law to describe the stage of insolvency in which a debtor publicly acknowledges their inability to pay their debts under the statute. This stage is usually followed by sequestration, which is notorious insolvency coupled with the appointment of a trustee for creditors. It is also known as notour bankruptcy.

Example: If a person owes a lot of money to their creditors and they cannot pay it back, they may declare themselves insolvent. This means that they publicly acknowledge that they are unable to pay their debts. Once they have done this, they are considered to be in a state of notorious insolvency.

Explanation: Notorious insolvency is a legal term that describes the stage of insolvency in which a debtor has publicly acknowledged their inability to pay their debts. This is an important stage because it allows creditors to take legal action against the debtor to recover their money. Once a debtor has declared themselves insolvent, they may be subject to sequestration, which is a legal process that involves the appointment of a trustee to manage their assets and distribute them to their creditors.

notorious cohabitation | not otherwise indexed by name

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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