Bankruptcy is a legal process whereby the assets of a personal debtor are freezed by the State in order to to distribute them amongst his or her creditors in cases where the debtor is unable or unwilling to pay his or her debts.
Bankruptcy is a legal process whereby the assets of a debtor are freezed by the State in order to pay creditors. It is supervised by the High Court in order to realise the assets of a personal debtor and to distribute them amongst his or her creditors in cases where the debtor is unable or unwilling to pay his or her debts.