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What is bankruptcy?

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Question added by Nuha Ali , writer , freelance
Date Posted: 2014/04/13
Ilham Mohammed
by Ilham Mohammed , Senior Accountant , gulf center for foodstuff

when total asset can not meet the total liabily it mean company got bankrupt.

Kaushik Bhaskar
by Kaushik Bhaskar , Senior Specialist , Altisource Business Solution

A legal proceeding Involving a person or a business that is unable to repay outstanding debts.

- Bankruptcy process begins with a petition filed by a Debtor or on behalf of Creditor.

Deleted user
by Deleted user

Inability or insolvency to pay the debts..is called bankruptcy.

Divyesh Patel
by Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Bankruptcy is a settlement of the debts of someone who is wholly or partially unable to repay their debts. The purpose of the bankruptcy is to distribute your assets fairly among your creditors and protect you from these creditors. The distribution is done through a court official, the Official Assignee in Bankruptcy.

 

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