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What is the difference of bankruptcy and insolvency?

English for Specific Purposes (ESP) » Legal English

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Latest post Thu, Sep 20 2007 1:10 AM by Anonymous. 2 replies.
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Qianlizhixing  +  389668 Mon, 09 Jul 07 05:20 AM

any applicable bankruptcy or insolvency law or law providing relief from creditors

Can anyone tell me their difference?

Thanks very much
Qianlizhixing
Joined on Tue, Mar 20 2007
Junior Member 67
He descended from His throne and came to my little cottage.
nona the brit  +  389716 Mon, 09 Jul 07 08:23 AM
Individuals go bankrupt, companies go into insolvency.
nona the brit
Joined on Wed, Sep 22 2004
England
Veteran Member 11,713
The name says it all.
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Anonymous, 2 yr 63 days ago
Yes, this is correct in England. However, in the US both companies and private individuals are covered by the federal bankruptcy code. So, in both cases Bankruptcy is used. The only difference is which chapter teh company or private person file under (i.e. corporate, Chapter 7 (straight bankruptcy) or Chapter 11 (reorganization); personal, Chapters 7 or 13 (equivalent of Chapter 11 for individuals).
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