Defining Bankruptcy
Bankruptcy of a person or a firm is commonly described as the firm?s or an individual?s inability to oblige their payments owed to a creditor because of lack of financial funds or property. When an individual or a firm due to lack of funds is not able to clear off their financial credits then a state of insolvency is created, and the person or the firm is treated as Bankrupt financially. Though bankruptcy is of number of types but the most common amongst all is financial bankruptcy as mainly all business firms normally file for their financial bankruptcy in courts.
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Bankruptcy ? Defined in Terms of Management
Source: http://www.finance4noobs.com/bankruptcy-defined-in-terms-of-management/
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