Bankruptcy
Bankruptcy is a valid state of a person or other entity that cannot rejoin the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court status, often initiated by the debtor.
Bankruptcy is not the exclusive ratified status that an failure being or opposite entity may hold, and the constituent bankruptcy is hence not a word for insolvency. In few countries, including the Amalgamated Field, bankruptcy is small to individuals, and separate forms of insolvency transactions (much as settlement and governance) are applied to companies. In the Federate States, bankruptcy is applied much broadly to formal insolvency proceedings.
Bankruptcy is not the exclusive ratified status that an failure being or opposite entity may hold, and the constituent bankruptcy is hence not a word for insolvency. In few countries, including the Amalgamated Field, bankruptcy is small to individuals, and separate forms of insolvency transactions (much as settlement and governance) are applied to companies. In the Federate States, bankruptcy is applied much broadly to formal insolvency proceedings.
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