What is the difference between bankruptcy, administration and liquidation?
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I think it may have something to do with which country it's in, I hear the word 'bankruptcy' more in the US, and 'administration' in the UK
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Answer:
Bankruptcy is a legal proceeding in which people who cannot pay their bills can get a fresh financial start. Bankruptcy is not a legal option available for companies. A company that is unable to pay its debts as they fall due, can be placed into liquidation either voluntarily or by court order. Learn more about bankruptcy on http://counselingdebt.info/category/bankruptcy/
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