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concurso

concurso

9.9
A court process to deal with the debts of people or companies that cannot pay
  • noun
  • Philippine
translation icon : concurso
  • The court appointed an administrator to oversee the concurso process for the failing business.

Examples

  • After months of financial trouble, the company entered concurso to resolve its debts.

  • Many creditors attended the hearing to discuss the terms of the concurso.

  • El concurso fue declarado por el juez.

  • ¿Qué significa un concurso en este contexto?

  • After months of financial trouble, the company entered concurso to resolve its debts.

  • The court appointed an administrator to oversee the concurso process for the failing business.

  • Many creditors attended the hearing to discuss the terms of the concurso.

Synonyms

bankruptcy
vsconcurso
  • Specialized
315 4.1

A legal state when a person or company cannot pay their debts

is a formal legal procedure focused on managing unpaid debts
liquidation
vsconcurso
  • Specialized
15 7.3

Closing a business and selling its assets to pay debts

is a legal procedure concentrating on handling debts rather than just ending the business
liquidation process
vsconcurso
  • Specialized
5.8

Selling the things a company owns to pay its debts before it closes

is a formal legal procedure for managing debts beyond asset sales
wind-up
vsconcurso
  • UK
7.4

The formal process of closing a company and paying its debts

is a legal procedure for managing unpaid debts rather than mere company closure

Surface Forms

concurso singular
concursos plural

Etymology

Concurso in law comes from Latin concursus 'coming together' of people or claims. That is why a legal concurso is the process where creditors and the court 'come together' to sort a person's or company's debts.