Search: bankruptcy
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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The Impact of Tiering on Risk
31 Dec 2012
RDP
2012-06
Furthermore, these payments – unlike those in RITS – may be subject to the ‘zero hour’ rule, which means that in the event of a bankruptcy, their finality can be challenged.
https://www.rba.gov.au/publications/rdp/2012/2012-06/impact-tier-risk.html
The Benefits and Costs of Tiering
31 Dec 2012
RDP
2012-06
For instance, under the ‘zero hour’ rule, a court may date the bankruptcy of an institution from the midnight before the bankruptcy order is made, in which case payments made on
https://www.rba.gov.au/publications/rdp/2012/2012-06/benefits-costs-tiering.html