Bankruptcy (2)

Bankruptcy law outlines what happens when a debtor is unable to make payments, and what remedies are available to the creditor. In UK English, the term bankruptcy is only applied to individuals, not companies. In the US, both individuals and companies can go bankrupt. The term used for companies unable to pay their debts in the UK is insolvency. This quiz tests the terms used to describe the state and consequences of being unable to repay debts.

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