In the UK, an individual who cannot repay his debts when lawfully demanded is likely to be declared bankrupt but a company which cannot repay its debts is said to be insolvent and an Insolvency Practitioner will be appointed to look after the interests of the creditors.
For a company this may result in a CVA, a Prepack, Administration, Receivership or Liquidation (see above)
Bob Cory
Modified on 12/09/2019 at 09:25:23 by ℗ Bob Cory