Resource title

Bankruptcy

Resource image

image for OpenScout resource :: Bankruptcy

Resource description

Bankruptcy is a legal proceeding, guided by federal law, designed to address situations wherein a debtor—either an individual or a business—has accumulated debts so great that the individual or business is unable to pay them off. Bankruptcy law does not require filers to be financially insolvent at the time of the filing, but rather applies a criterion in which approval is granted if the filer is "unable to pay debts as they come due." Once a company is granted bankruptcy protection, it can terminate contractual obligations with workers and clients, avoid litigation claims, and explore possible reorganization avenues.

Resource author

Resource publisher

Resource publish date

Resource language

en

Resource content type

text/html

Resource resource URL

http://www.referenceforbusiness.com/small/A-Bo/Bankruptcy.html

Resource license

Copyright © 2011 Advameg, Inc.