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RBA Glossary definition for bankruptcy

bankruptcy – A legal status, which can be initiated by a creditor or person concerned, whereby the bankrupt's property is vested in a trustee and, with the exception of certain personal and professional property, is available for distribution to creditors.

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Introduction

1 May 1990 RDP 9001
Jerome Fahrer
In this case, however, the borrower has the option of bankruptcy, and the debt is simply written off by the creditor.
https://www.rba.gov.au/publications/rdp/1990/9001/introduction.html

The Market-Clearing Model

1 May 1990 RDP 9001
Jerome Fahrer
In other words, it implies that people and firms will voluntarily send themselves into bankruptcy.
https://www.rba.gov.au/publications/rdp/1990/9001/market-clearing-model.html