What is bankruptcy?

[Knowledge Quest]

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]

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]

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

 

[uptrendfinancialsignal]

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

 

[Shavkat]

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

 

[uptrendfinancialsignal]

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

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