What is bankruptcy?

Knowledge Quest

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What is bankruptcy and it's major causes?

How does it affect business?

You can share your idea if you have any about this topic.

 

riberet19

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A bankruptcy is when a company or individual does not have enough funds to pay its debts or expenses, thus entering what is known as bankruptcy or default.

 

Heatman

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When your financially incapable to pay your bills, your workers and all your debts, it's exactly what makes you become bankrupt.

 

uptrendfinancialsignal

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When a particular company becomes incapacitated and was unable to pay necessary bills, then it becomes bankrupt..

 

Shavkat

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A company that declares bankruptcy means inability to operate anymore. All the essential elements of a company are declining.

 

uptrendfinancialsignal

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Shavkat said:

A company that declares bankruptcy means inability to operate anymore. All the essential elements of a company are declining.

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It is true that a bankrupt business cannot offer services to the people anymore.