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torrance
Apprentice
Joined: 05 Aug 2005
Posts: 4
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 Posted: 11/20/07 - 08:38 Post subject: |
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| Hi, guys. We have all heard in our lives about bancrupcy. But I have comprehended that I don’t know some further details about it. Therefore, I came here to find out something more. I would really be thankful for all info you can give me. Thanks for replying. I hope it won’t bother you too much. |
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padriac
Apprentice
Joined: 20 May 2005
Posts: 6
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| Posted: 12/20/07 - 04:13 Post subject: |
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| Hi, there. Well, you are right. Bankruptcy is familiar term, but people who aren’t professionals, know little about it. It is inability or decreased ability of an individual or an organization to pay to their creditors. There are two forms: involuntary and voluntary bankruptcy. In the first case the initiative comes from creditors in order to recollect their debt. In the second case the initiator is the debtor. In UK, bankruptcy is only related to individuals and partnership. In other cases we talk about liquidation, insolvency, etc. If you are interested in more details, feel free to ask me. I hope you are interested in this topic only because of curiosity. |
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