GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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22:14 Feb 17, 2018 |
Arabic to English translations [PRO] Law/Patents - Law: Contract(s) | |||||||
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| Selected response from: Assem AlKhallouf Local time: 06:41 | ||||||
Grading comment
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Summary of answers provided | ||||
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4 | (شهادة) إدارة مصغرة / مقتضبة (لممتلكات الجهة المفلسة) |
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(شهادة) إدارة مصغرة / مقتضبة (لممتلكات الجهة المفلسة) Explanation: (certificate for) the summary administration of (the bankrupt's estate) “Summary Administration” is a type of probate proceeding in Nevada that exists as an alternative to the full probate proceeding known as a “General Administration.” It’s intended to help modest sized estates avoid some of the cost and delay of general administration. Summary Administration is available only to probate estates that have less than $300,000 of assets (when added together). Keep in mind that you are allowed to subtract any liabilities (such as a mortgage or a car loan) when determining the value of the assets in the estate. "Summary Administration If the bankrupt is an individual and the realizable assets do not exceed $10,000, the provisions in the Act relating to summary administrations apply.12 In effect, a summary administration is a bankruptcy with little or no unencumbered assets. Until the 1992 amendments to the Act, the threshold was ..." Reference: http://www.crosslawgroup.com/blog/what-is-summary-administra... |
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