What is BANKRUPTCY?
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Bankruptcy means the state of being bank rupt.
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Answer:
When an organisation is unable to honour its financial obligations or make payment to its creditors, it files for bankruptcy. A petition is filed in the court for the same where all the outstanding debts of the company are measured and paid out if not in full from the company's assets.
Explanation:
SIMPLE ANSWER- WHEN YOU DONT HAVE MONEY AT ALL