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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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References

1 May 2000 RDP 2000-03
Luke Gower
Packer F and M Ryser (1992), ‘The Governance of Failure: An Anatomy of Corporate Bankruptcy in Japan’, Working Paper No 62, Center on Japanese Economy and Business, Columbia University. ... Suzuki S and R Wright (1985), ‘Financial Structure and
https://www.rba.gov.au/publications/rdp/2000/2000-03/references.html

Developments in the 1980s

1 May 2000 RDP 2000-03
Luke Gower
Coinciding with the rate of increase in land price inflation was a sharp decline in the rate of bankruptcies in the real estate sector as a whole (Bank of Japan, 1991a).
https://www.rba.gov.au/publications/rdp/2000/2000-03/developments-in-the-1980s.html