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Bankruptcy
A legal process where an individual or business declares they are unable to repay outstanding debts. This can result in asset liquidation to pay creditors or a structured repayment plan under court supervision.
Creditors
Individuals or entities to whom a business owes money, typically suppliers or lenders.
Insolvency
A financial state where an individual or business is unable to meet financial obligations when they become due.
Liquidation
Liquidation is the process of closing a business and distributing its assets to creditors and shareholders.
Stakeholders
Stakeholders are individuals or groups who are affected by or have an interest in a business's activities.