q what do you mean by bankruptcybankruptcy -, Financial Accounting

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q what do you mean by bankruptcybankruptcy -

Q. What do you mean by Bankruptcy?

Bankruptcy - Legal process, governed by federal statute, whereby the DEBTS of an insolventperson are liquidated after being satisfied to the greatest extent possible by DEBTOR'SASSETS. During bankruptcy, debtor's assets are held and managed by a court appointed TRUSTEE.

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