From ArticleWorld

Bankruptcy is the inability by a given organization or individual to pay off its creditors. The state needs to be assessed legally and it can be requested by creditors with the purpose of gaining something back from the invested capital or amount of money owed. Although this is possible, in most cases it will be the bankrupt agency that will request this to become legal. Even if the process seems simple there are several laws, different in various countries, which need to be taken into consideration.

For more information, see the article about Bankruptcy.


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