A bankrupt company?
In the US it is legally correct to say that a company was unable to pay its debts and was eventually “declared bankrupt.” However in the UK the term “bankrupt” is reserved strictly for individuals. Companies that are unable to pay their debts are legally referred to as “insolvent.”
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Thanks for this post. What would be the UK’s equivalent of a “petition for bankruptcy” if the companies don’t go bankrupt?
thanks for the reply