 Definition of Bankruptcy - Finance dictionary
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Definitions of terms begining
with the same letter as "Bankruptcy"
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Bankruptcy ((See Chapter 46 of the Vernimmen))
A bankruptcy is triggered when a company can no longer meet its short-term commitments and thus faces a liquidity crisis. Bankruptcy happens because a company does not make enough profits, and not because of significant debts. Nevertheless, the exact definition of financial distress leading to filing for bankruptcy differs from one jurisdiction to another.
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