involuntary bankruptcy proceeding
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 268 U.S. 426 - Meek v. Centre County Banking Co. · 1925Most cited · 113 citing opinions
Such a proceeding...is not a mere personal action, but is essentially in the nature of a proceeding in rem for the benefit of all the defendant's creditors. And the filing of the petition brings his property into custodia legis, with a view to a determination of his status and the settlement and distribution of his estate.