DIFFERENCE BETWEEN BANKRUPTCY AND LIQUIDATION- ALL YOU NEED TO KNOW

BANKRUPTCY: Bankruptcy is when a person is formally declared incapable of paying their dues and payable bills. The word “Bankrupt” can be used only for individuals and partnership firms. When insolvent individual or partnership firm is formally declared by court that they are incapable of paying their debts then they are termed as BANKRUPT. Bankruptcy is a situation in which an individual or entity becomes Bankrupt. The person or company is not able to repay the outstanding debts owed by him. It is the last stage of insolvency, and a petition is filed in the court by the debtor or by any creditor. In this procedure, the personal property of the insolvent is discharged by the court by authorizing a person commonly known as official assignee. The official assignee distributes the amount received from the private property among the various creditors on the basis of their interest……………..

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