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Simple English definitions for legal terms

notour bankruptcy

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A quick definition of notour bankruptcy:

Notour bankruptcy is a legal term used in Scottish law to describe the stage of insolvency where a debtor has publicly acknowledged their inability to pay their debts. This acknowledgement is made in a way determined by the law. Notour bankruptcy is usually followed by sequestration, which is when a trustee is appointed to manage the debtor's assets for the benefit of their creditors. The law of notour bankruptcy is mainly based on statutes that determine the circumstances that constitute this status and its consequences.

A more thorough explanation:

Definition: Notour bankruptcy is a term used in Scots law to refer to the stage of insolvency in which the 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.

Example: When a person in Scotland owes a lot of money to creditors and cannot pay it back, they may declare notour bankruptcy. This means that they have publicly acknowledged their insolvency and are unable to pay their debts. The law then appoints a trustee to manage their assets and distribute them among the creditors.

Explanation: The example illustrates how notour bankruptcy works in Scotland. When a person is unable to pay their debts, they publicly acknowledge their insolvency, and the law appoints a trustee to manage their assets. This helps to ensure that the creditors receive some of the money owed to them, and the debtor can start afresh without the burden of debt.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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