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LSDefine

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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12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
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