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Law Aspire (Legal)     07 February 2017

Insolvency

What is the difference between Insolvency and Bankruptcy?

Please explain 



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cs santosh jagtap

cs santosh jagtap (PRACTICING COMPANY SECRETARY)     07 February 2017

Insolvency when person or firm or company is unable pays their debt or bill or creditors or unable to meet their financial obligation is known as insolvency.

Bankruptcy is legal status declared by court for person or firm or company  that said person or firm or any corporation is incapable to paying debt to its creditors or any financial   


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