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 and/or bankruptcy:
“Quadruped lions are said to be savage, only when they are hungry; biped lions are rarely sulky longer than when their appetite for distinction remains unappeased.”
—Charles Dickens (1812–1870)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
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