Bankruptcy is a legal process through which individuals or entities, unable to repay their debts, seek relief from some or all of their financial obligations. It involves a court proceeding that provides a systematic way to address insolvency and can lead to the discharge of debts, asset liquidation, or debt restructuring. In the case of individuals, bankruptcy can provide a fresh start financially, though it typically involves a significant impact on credit ratings and the ability to borrow in the future. For businesses, bankruptcy can allow for reorganization or liquidation of assets to pay off creditors. There are different types of bankruptcy, such as Chapter 7 (liquidation) and Chapter 11 (reorganization) in the United States, each with distinct processes and implications.
Angell's Tumultuous Journey Ends in Liquidation The French electric bike startup Angell is on the brink of declaring bankruptcy and is set to initiate liquidation proceedings. This development was announced…