Bankruptcy is the state of an individual or entity unable to pay off their debts. A court-ordered bankruptcy order leads to the liquidation of the bankrupt's assets to repay creditors.
Inability to pay one's debts when they fall due, which may lead to bankruptcy for individuals or liquidation for companies.
A trustee in bankruptcy is an individual or entity appointed to manage the property and financial affairs of a bankrupt individual or entity. The trustee's responsibilities include collecting and liquidating assets, distributing the proceeds to creditors, and ensuring that the bankruptcy process is conducted in accordance with applicable laws.
