The legal status of an individual or a company when they can't pay debts. When a company or individual becomes bankrupt, a trustee is appointed to administer the assets to its creditors. Also called insolvency.
The legal status of an individual or a company when they can't pay debts.
When a company or individual becomes bankrupt, a trustee is appointed to administer the assets to its creditors.
Also called insolvency.
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