Bankruptcy
A formal personal insolvency process that deals with debts a person cannot pay, while placing their assets and financial affairs under legal rules and oversight.
Related terms
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Bankruptcy order
The formal order that places a person into bankruptcy and triggers the legal consequences of the process.
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Personal insolvency
A position where an individual cannot meet debts and may need a formal or informal debt solution such as bankruptcy, an IVA or negotiated settlements.
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Bankruptcy application
A formal request for bankruptcy. In England and Wales, an individual normally applies online, while creditor-led bankruptcy follows a court process.
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