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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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19:00
instead we boutta do civ pro
19:00
ur unreal
19:01
i cant believe i would have been enrolled at UCI rn... its definitely a great school i just didnt feel like i fit in with the other students when i did pre orientation there
19:02
also they didnt give me enough money to justify the cost
Roll Tide
Dkk
19:06
UCI hella liberal and trans. I think you would like it. More liberal than like Berk and UCLA if you can imagine. @Eggan
Dkk
19:06
I did astrophysics for 3 years and hated it. Dropped out of my first college cus of it. @limpweeny
Dkk
19:07
Do not recommend studying physics. Super boring, a lot of math, and most results are not replicable.
Dkk
19:08
Ill say this though. I studied a lot of Otto Hahn and was happy to see him at the start of Oppenheimer. Made a little appearance. Nice tribute.
19:08
@Dkk: i know the makeup of UCI but im not from california and i didn't like how i'd have to be isolated from the labor movement since it's not very close to LA and OC is mostly a bunch of rich people tbh
19:09
i like berk's proximity to san francisco. the bay area is full of surprises when it comes to labor
19:11
thats why i'm mostly centered on cities with major labor activity this cycle (besides chicago) such as NYC, boston DC (where the union headquarters usually are)
19:11
Anyone else hella concerned w the uptick in applicants? Not sure if I can use the LSD data of the past to reference
some dean said they're only expecting 5-15% increase over the whole cycle, still not great, but not 30% like currently
19:15
Ohhh okay thank goodness. I saw +38% and lowk got scared
19:16
That doesn’t seem too bad if they increase class size by a bit 🙏
Dkk
19:23
Ahh that is true but OC Disney Unions. Can always be involved in those. Some of the biggest unions in California. I was part of that for a couple years but my union was corrupt. @Eggan
Dkk
19:24
Berk is definitely more fun. Unions in LA are of course the screen actors guild and then hospitality stuff like restaurants. It will be good wherever you go imo if that is what you are into.
Dkk
19:25
@sadpadresfan: yeah, Spivey said the same thing wasp pointed out. 30% to start to 15% at the end. I think part of it may also be people just want more variety. Maybe a similar amount of applicants but more variety. More waitlist movement potentially this year. Schools fighting harder for people.
@KnowledgeableRitzyWasp: the NU dean. Him and Spivey did a podcast on it.
And if you look at the numbers they're starting to come down. A couple weeks ago we were up 36 percent up, now we're only 26 percent up.
NotJustALawyer
21:03
@texaslawhopefully: if you are trying to do texas law, why not go to UT Austin. Probably better scholarships for you compared to Harvard and its a pipeline. Unless, of course, scholarships don't matter in your case.
i studied hard stem but i just hate being in an actual lab lol
depends on the type of lab work that you do, the only thing i did enjoy doing was bacterial genetics because that shit is super fast and fun, but working in a wet lab is just a lottttt of sitting and waiting around
hence law, lmao
@NotJustALawyer: I'm trying to do an appellate clerkship and the very top schools just have better placement. And yes, I'm still considering UT, but I think with my numbers I can get scholarship money at most of the T14.
Also I made my username before I had my lsat back and then UT was my top choice, but I’ve been somewhat open geographically. I also have ties to Texas so I don’t think it’d be hard to get back here if I left the state for law school.
Dkk
21:52
Deja Vu lol
[] baddestbunny
22:07
GM to the Queens whose titties move when they drive over speed bumps 🥰😘.. To the rest of y'all young men, Jiffy Lube hiring 🤨
Dkk
23:49
I one time knew a big girl who would drive with her tits cus her arms didnt reach the wheel. I always thought she would be good in a comedy about a bak robbery where she was the get away driver.
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