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 Notice
Famous quotes containing the words distinction from, distinction and/or bankruptcy:
“Let a man find himself, in distinction from others, on top of two wheels with a chain—at least in a poor country like Russia—and his vanity begins to swell out like his tyres. In America it takes an automobile to produce this effect.”
—Leon Trotsky (1879–1940)
“The word “jealousy” is often used as if it were synonymous with envy; but I think the distinction worth preserving. Jealousy is predominantly concerned with the fear of loss of something one possesses, envy with the wish to own something another possesses. Othello suffers from the fear that he has lost Desdemona’s love. Iago suffers from envy of the position held by Cassio, to which he feels entitled.”
—Anthony Storr (b. 1920)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)