Bankruptcy: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Create page. Sources: Oxford dictionary https://en.oxforddictionaries.com/definition/bankrupt, linked pages.) |
imported>Doug Williamson m (Categorise.) |
||
Line 16: | Line 16: | ||
* [[Liquidation]] | * [[Liquidation]] | ||
* [[Receivership]] | * [[Receivership]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:Compliance_and_audit]] |
Revision as of 10:12, 11 July 2018
Insolvency law.
Bankruptcy is a formal declaration of insolvency by a court.
Bankruptcy can apply to businesses and to individuals.
It provides a degree of protection for the debtor against its creditors, while also involving a loss of control by the debtor.