CORPORATE FRAUD AND CORPORATE INSOLVENCY Flashcards
1
Q
What is insolvency
A
Insolvency refers to a financial state where an individual or organization is unable to pay there debts as they become due
2
Q
What can insolvency lead to
A
Insolvency can lead to bankruptcy proceedings
3
Q
What happens at bankruptcy proceedings
A
Bankruptcy proceedings is where a court assesses the assets and liabilities of the insolvent entity and determines the best way to settle debts owed to creditors
4
Q
A
