cessio bonorum

noun

cessio bo·​no·​rum

-bəˈnōrəm

Roman & civil law

: a voluntary assignment of a debtor's property to creditors by which the debtor escapes the more painful penalties of insolvency (such as liability to arrest and imprisonment) but is not generally discharged from liability for the debts : voluntary bankruptcy

Word History

Etymology

Latin, literally, cession of goods

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