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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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WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
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