Bankruptcy is a state in which a person is unable to pay creditors and is required to undergo a legal process that usually results in liquidation of his/her estate in order to meet expenses (at least in part). It is similar, but not identical to insolvency....

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Insolvency is the inability to pay debts or meet expenses. Under early colonial law insolvency was treated as a different concept to bankruptcy (which involved an insolvents assets being administered and distributed to creditors).

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