Bankruptcy

When a company cannot pay its creditors and cannot get hold of bank loans, it is in a state of bankruptcy.  Either the company itself or its creditors can apply for bankruptcy.

A private person can also be declared bankrupt.

Update 30/5/2016

Definitions provided under this section refer to the Belgian situation; unless specified otherwise. The texts are meant to summarize concepts in daily language and should not be considered as comprehensive or definite. We welcome suggestions for modifications or additions at glossary@tcm.be.