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Financial Terms / A - B / Bankruptcy


Bankruptcy is a legal process wherein a person or corporation unable to pay their debts to their creditors seeks relief from some or all their debts. Generally, after the bankruptcy petition is filed, some or all of the company's outstanding debts are cleared by selling its assets.

Bankruptcy proceedings are also used by businesses to end their operations and liquidate whatever assets they possess in a step-by-step manner.

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