Bankrupt person-bankruptcy and liquidation, Financial Accounting

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Bankrupt person

A bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency. Any person (other than a body corporate) can be made bankrupt (including in certain cases, infants and persons of unsound mind) who:

Has incurred liquidated debts of Shs 1,000 or more; and
Has committed an act of bankruptcy within the three months preceding presentation of the petition; and
At the time the petition was presented was domiciled or within a year before, was ordinarily resident in a country or carrying on business in that country personally or by an agent or as a member of a firm.

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