Distinction From Insolvency and Bankruptcy
The term default should be distinguished from the terms insolvency and bankruptcy.
- "Default" essentially means a debtor has not paid a debt which he or she is required to have paid.
- "Insolvency" is a legal term meaning that a debtor is unable to pay his or her debts.
- "Bankruptcy" is a legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.
Read more about this topic: Default (finance)
Famous quotes containing the words distinction and/or bankruptcy:
“I want you to consider this distinction as you go forward in life. Being male is not enough; being a man is a right to be earned and an honor to be cherished. I cannot tell you how to earn that right or deserve that honor. . . but I can tell you that the formation of your manhood must be a conscious act governed by the highest vision of the man you want to be.”
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