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Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, such as the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.

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  1. Reno

    National  Hudson Files Bankruptcy.

    Sad to see this happening. I really liked this pistol. Really wish it didn’t have to end this way. Those that own a H9, you now own a collectors item! BREAKING NEWS: Hudson Manufacturing Files For Bankruptcy
  2. ATCclears

    JP Morgan says Illinois needs bankruptcy option

    JP Morgan Expert: True Debt, Pension, Healthcare Payments Would Consume Half of Illinois Revenue, Bankruptcy Option Needed
  3. Joe Link

    National  Remington, the oldest U.S. gunmaker, files for bankruptcy amid declining sales

    Remington, the oldest U.S. gunmaker, files for bankruptcy amid declining sales
  4. ATCclears

    Puerto Rico wants to declare bankruptcy

    Puerto Rico Will Request Bankruptcy Protection Puerto Rico is requesting bankruptcy protection, Gov. Ricardo Rosselló said, setting up a showdown with Wall Street firms owed billions of dollars in the largest U.S. municipal debt restructuring ever. The governor said he would petition Puerto...
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