Business Terms and Jargon Explained

What is Bankrupt

Insolvent - unable to pay creditors and having all goods/effects administered by a liquidator or trustee and sold for the benefit of those creditors; as a result of an order under the Insolvency Act 1986.

Crown Copyright. Material taken from Her Majesty's Courts Service (HMCS) website. Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2008-06-12 12:03:24

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