Bankruptcy as a concept has been in existence from time immemorial and is derived from the Roman practice named banca rupta . The term denotes the process of breaking the bench of a defaulting banker or tradesman by creditors. Over the centuries, the law relating to bankruptcy has developed and evolved and has become a constant fixture in the legal system of most world nations.
The term bankrupt is defined by the Oxford Dictionary as “a person or organization declared in law as unable to pay their debts”. Black’s Law Dictionary defines a bankrupt as “a person who has committed the act of bankruptcy”. It further clarifies the term, as a person who has done such an act that makes him liable under the law of his country and allows his creditors to seize and distribute amongst themselves his entire property. Bankruptcy is defined as “the state or condition of one who is bankrupt” or “the inability to pay one’s debts
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