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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

31 Dec 2003 RDP 2003-02
Mark Gugiatti and Anthony Richards
Dammers C (2002), Remarks in a Panel Discussion at Reinventing Bretton Woods Committee Conference, ‘New Rules of the Game in Global Finance: An International Bankruptcy Procedure for Sovereign Debtors?’, New York,
https://www.rba.gov.au/publications/rdp/2003/2003-02/references.html

Introduction

31 Dec 2003 RDP 2003-02
Mark Gugiatti and Anthony Richards
The purpose of the SDRM would be to move the framework for dealing with sovereign debt problems closer to the bankruptcy frameworks that exist within national economies.
https://www.rba.gov.au/publications/rdp/2003/2003-02/introduction.html