Question

give me Article on bankrupt

Answer 1

Bankruptcy is a legal status of a person orother entity that cannot repay debts tocreditors. 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 termbankruptcy is therefore not a synonym forinsolvency. In some countries, such as theUnited Kingdom, bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation andadministration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banquerouteis used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.