Business terms and jargon explained. Your business dictionary

What is Bankruptcy

This is when an individual is unable to pay his/her debts and the debtors have petitioned a court to serve a bankruptcy order on the individual. An official receiver is appointed to look into the affairs of the individual and their assets are realised and distributed among the debtors. The equivalent course of action for companies is liquidation.

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Term created / updated 2005-07-16 23:12:15

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