Insolvency Vs Bankruptcy

Difference Between Insolvency and Bankruptcy

Is There a Difference Between Insolvency and Bankruptcy?

There is a mistaken belief that insolvency and bankruptcy mean the same thing. However, whilst the terms do have similarities, there are several distinct differences between the two. First and foremost, insolvency is the financial state of a company or an individual, whereas bankruptcy is the legal procedure when an individual has been declared insolvent. …

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