Bankruptcy is a word derives from the French language “failite” which means payment congestion. Bankruptcy is interpreted as a process where a debtor who has financial difficulties to pay its debts is declared bankrupt by the court (in this case the commercial court).A debtor can be declared bankrupt, if it meets the following requirements:
1. Debtor has two or more creditors and they really can not afford to repay their debt.
2. Not paying at least one debt which has matured and can be billed.
3. Upon the petition itself or at the request of one or more creditors.
When a debtor is declared bankrupt, the debtor's assets can be distributed to the creditors in accordance with government regulations.
Bankruptcy case is a complex issue and because its complexities then you will need the right best support or the right method to solve it.
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