Glossary:


Term - B : Bankruptcy

Bankruptcy


Bankruptcy

If a debtor (a borrower) who is not able to make payments to his creditors (say a bank) on his obligations, such as loans, he may be declared bankrupt by a court order. His assets are liable to be attached to meet the dues of the creditors. If the assets are not adequate to meet the dues, the debtor becomes insolvent.
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