NOTORIOUS INSOLVENCY
notorious insolvency. Scots law. A bankruptcy; the stage of insolvency in which the debtor has publicly acknowledged insolvency under the statute. ? This stage is usu. followed by sequestration, which is notorious insolvency coupled with the appointment of a trustee for creditors.¡ª Also termed notour bankruptcy.
¡°Bankruptcy, according to the law of Scotland, is public or notorious insolvency. When a debtor in an obligation cannot fulfil his obligation as undertaken … a position which constitutes insolvency ¡ª and makes public acknowledgment, in manner determined by statute, of his inability, the status or condition of bankruptcy has arisen, and the insolvent debtor is, in the language of the statutes, a ¡®notour¡¯ bankrupt …. The law of notour bankruptcy is mainly statutory. Legislation has fixed the circumstances which constitute the status, and determined all the most important results.¡± George Watson, Bell’s Dictionary and Digest of the Law of Scotland 78 (3d ed. 1882).
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