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Differences between liquidation and bankruptcy


Bankruptcy is a legal proceeding in which people who cannot pay their bills can get a fresh financial start. 

Bankruptcy is not a legal option available for companies. 

A company that is unable to pay its debts as they fall due, can be placed into liquidation either voluntarily or by court order.

Learn more about bankruptcy on the Insolvency and Trustee Service website.


Last updated 4 June 2013

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