Question
Download Solution PDF______ is a legal declaration of a person who is unable to pay off debts.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Bankruptcy.Key Points
- The legal status of an entity or a person where the debt owed to the creditors cannot be repaid is known as Bankruptcy.
- It is important to note that bankruptcy is not synonymous with insolvency.
- Insolvency is a state of financial distress in which a business or person is unable to pay its bills or debts.
- The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
Additional Information
| Term | Meaning |
| Credit Crunch | A credit crunch refers to a decline in lending activity by financial institutions brought on by a sudden shortage of funds. |
| Amortization | Amortization is a practice that helps spread the cost of an intangible asset over a specific period, which is usually the course of its useful life. |
| Bancassurance | the concept of selling the products that insurance companies offer through the bank |
Last updated on May 28, 2025
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