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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.Creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring.My huble advice/suggestion to startup companies and Entrepreneurs is"IF YOU CANNOT BACK YOU UP FOR YOUR BUSINESS FOR 3 YEARS WITHOUT THIRD PARTY FUNDS, DONT DO BUSINESS".Iam 64 Year Old Retired Person Getting Monthly Pension of Rs5000.Bankruptcy was originally planned as a remedy for creditors — not debtors.

On the other hand, supervisory restructuring at the behest of The Board of Industrial and Financial Reconstruction is generally undertaken using receivership by a Public Finance Institution.Legal meaning of the terms bankruptcy, insolvency, liquidation and dissolution are contested in the Indian legal system.There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor as is common in many other jurisdictions.Additionally, on top of losing all of one's property, the unfortunate debtor also lost his freedom and was subject to imprisonment for failure to pay his debts.This left the family of the debtor in the position of having to pay the debts in order to obtain the release of the debtor.

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