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bankruptcy

File:Peter_Paul_Rubens_(1577-1640)_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_‘No_suffering_can_compare'_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg · Wikimedia Commons · See Wikimedia Commons

EntityQ152074· pop 91· linked from 5,853 articles

bankruptcy

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Also known as bankrupt, corporate bankruptcy, voluntary bankruptcy

thumb|right|200px|Businesses that file for bankruptcy may have a "store closing" sale to liquidate their stock, such as this Drug Fair. Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

AI overview

Bankruptcy is a legal process that allows people or businesses unable to pay their debts to seek court-ordered relief from some or all of what they owe to creditors. It matters because it provides a formal, structured way for debtors to address overwhelming debt situations, though the process typically requires court involvement and can have significant financial consequences.

AI-generated from the Wikipedia summary — may contain errors.

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Encyclopedic overview

40 sections
Contents
  • Etymology
  • History
  • Modern law and debt restructuring
  • Fraud
  • By country
  • Argentina
  • Armenia
  • Australia
  • Brazil
  • Canada
  • Duties of trustees
  • Creditors' meetings
  • Consumer proposals
  • Commercial restructuring
  • China
  • Ireland
  • Israel
  • India
  • The Netherlands
  • Russia
  • South Africa
  • Spain
  • Switzerland
  • Sweden
  • United Arab Emirates
  • United Kingdom
  • Pensions
  • Involuntary bankruptcy
  • United States
  • Debts and exemptions
  • Chapters
  • Chapter 7
  • Chapter 11
  • Chapter 13
  • European Union
  • Effective sovereign bankruptcy
  • See also
  • References
  • Further reading
  • External links

thumb|right|200px|Businesses that file for bankruptcy may have a "store closing" sale to liquidate their stock, such as this Drug Fair. Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankrupt is not the only legal status that an insolvent person may have, meaning the term bankruptcy is not a synonym for insolvency.

Excerpted from Wikipedia’s “bankruptcy” article, available under the CC BY-SA 4.0 licence.

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