BANKRUPTCY

Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

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bankruptcy

Noun

  1. A legally declared or recognized condition of insolvency of a person or organization.


The above text is a snippet from Wiktionary: bankruptcy
and as such is available under the Creative Commons Attribution/Share-Alike License.

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