Definition (Definitions) Bankruptcy
Bankruptcy is a process in which a debtor who has financial difficulties
to pay his debts declared bankrupt by a court, commercial court in this case,
because the debtor is unable to pay its debts. Debtor's property can be distributed
to creditors in accordance with government regulations.
From the historical point of law, bankruptcy law was originally intended to protect
the creditors by providing a clear and definite way to resolve debt
that can not be paid.
