/ˈækt əv ˈbæŋkrəptsi/ – Pharse
Definition: hành động tạo căn cứ để khởi tố vụ án phá sản hay để tòa công nhận bị phá sản, hồ sơ xin tuyên bố phá sản.
A more thorough explanation: An “act of bankruptcy” refers to a specific action or behavior by a debtor that indicates their inability to pay their debts. This term is often used in bankruptcy law to describe actions such as fraudulent conveyance of assets, leaving the country to avoid creditors, or failing to pay debts as they become due. Committing an act of bankruptcy can lead to the initiation of bankruptcy proceedings against the debtor.
Example: The debtor’s failure to pay their debts may be considered an act of bankruptcy under the law.