This indicates that a person is unable to pay their debts and, subject to certain exceptions, deprives them of their property. The property can then be sold in order to pay the person's creditors.
Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms and jargon, and explain them in Plain English. Its very easy to comprehend. Learn to understanding and know your business jargon. This will keep you informed among your peers. Bookmark Your business dictionary.