Bankruptcies | Notes
Bankruptcy, also called liquidation or insolvency, is a legal status of an individual, company or corporation which cannot repay its debts to creditors or for various reasons cannot carry its operations. In principle, all assets of an organization or an individual are taken over by the court order in order to repay its obligations. The bankruptcy laws vary in different countries. For example, may only apply to individuals or only to companies or corporations. May be imposed by court order or be initiated by the debtor itself.