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Meaning of bankruptcy

 

 

 

Bankruptcy

 

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Business glossary

 

Meaning of term bankruptcy :

 

Firms who are sole traders or partnerships can be declared bankrupt when they are unable to meet their liabilities, The process of bankruptcy can be started by a creditor who can get a court petition. An official receiver will then be declared who will have total responsibility over the person's property and who will aim to pay off the debts of the firm as much as possible by realising (selling) any assets that the firm (or individual) has.

 

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Bankruptcy

 

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Meaning of term bankruptcy

 

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