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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

25 Oct 2022 RDP 2022-05
Kim Nguyen
Berk JB, R Stanton and J Zechner (2010), ‘Human Capital, Bankruptcy, and Capital Structure’, The Journal of Finance, 65(3), pp 891–926.
https://www.rba.gov.au/publications/rdp/2022/2022-05/references.html

Introduction

25 Oct 2022 RDP 2022-05
Kim Nguyen
Second, debt covenants are widely used in financial contracts (Bradley and Roberts 2015), and violations of their terms occur more frequently than defaults or bankruptcies (Dichev and Skinner 2002; Nini, Smith
https://www.rba.gov.au/publications/rdp/2022/2022-05/introduction.html

The Real Effects of Debt Covenants: Evidence from Australia

25 Oct 2022 RDP 2022-05
Kim Nguyen
Second, debt covenants are widely used in financial contracts (Bradley and Roberts 2015), and violations of their terms occur more frequently than defaults or bankruptcies (Dichev and Skinner 2002; Nini, Smith
https://www.rba.gov.au/publications/rdp/2022/2022-05/full.html