About the Glossary
Ipglossary.com is a practical glossary for managers, executives and technologists as well as lawyers working in IP in an international environment. The glossary provides practical explanations of key legal and business terms in a large number of technology related fields including intellectual property, licensing, venture capital, corporate and securities law, antitrust and competition law, and of course terms relevant to technology, in general. Read more
Bankruptcy term referring to agreements and contracts that a bankruptcy trustee, receiver, or administrator has the power to cancel unilaterally on behalf of the bankrupt entity. Usually a bankruptcy laws will provide a set of statutory periods during which certain classes of transaction can be cancelled, usually 60 or 90 days, or 1 year depending on the type of transaction. Typically avoidable transactions are preferences (i.e., payments that favor one creditor or class of creditors over others); gratuitous transfers (i.e., transfers of assets for which no value was received); sales or transfers of assets for less than fair value; and transactions with insiders and parties linked to the bankrupt or its officers.