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Home Accounting Dictionary Letter B Bankruptcy Definition
 
 

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Bankruptcy Definition:

Bankruptcy occurs when debtors are not only insolvent (unable to pay debts as and when they become due) but have made it clear that they are unable to and do not expect to pay their debts in full. They will then, either by their own petition or by that of a third party, be adjudged legally bankrupt by the court.

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