Estate in bankruptcy

Japanese: 破産財団 - はさんざいだん（英語表記）estate in bankruptcy

The total assets of a bankrupt person to be distributed to bankruptcy creditors. It refers to all assets that belong to the bankrupt person at the time of the bankruptcy adjudication and that can be attached and are located in Japan (Bankruptcy Act 6). There are various conflicting theories on how the legal nature of a bankruptcy estate should be constituted, but there are those that say it is a legal entity that is established by the bankruptcy adjudication and continues to exist until the bankruptcy is discharged (such as the revocation of the bankruptcy adjudication, the bankruptcy being abolished, or the bankruptcy being distributed or terminated by compulsory composition), and those that deny the legal personality of the bankruptcy estate and that the total assets of the bankrupt person are managed by a trustee.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

破産債権者に配当せられるべき破産者の総財産。内容は，破産宣告のときに破産者に属し，差押えることのできる一切の財産であって，内国にあるもの (破産法6) 。破産財団の法的性格をどのように構成するかについてはさまざまな学説が対立しているが，破産宣告によって成立し，破産の解止 (破産宣告の取消し，破産廃止，配当および強制和議による終結など) まで存続する法人であるとする考え方，破産財団の法人格を否定し破産者の総財産が管財人によって管理されている状態であるとする考え方がある。

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