Bankruptcies; natural persons, regions

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Description topics

Pronounced bankrupcies

Pronounced bankruptcies
Number of natural persons with or without sole proprietorship that have been declared bankrupt by court ruling.

Bankruptcy
A legal proceeding involving a legal entity (person or company) that has ceased to repay outstanding debts and is declared bankrupt by the court. All assets and income of the entity (the debtor) are seized and used to repay the debts. Bankruptcy may be initiated by a creditor, the debtor or the public prosecutor’s office. After payment of the assets and income to the creditors, the bankruptcy is filed as completed, but the debtor is often not free of debts as any residual debts will remain payable. Moreover, a declaration of bankruptcy at the request of a creditor is only possible if there are debts to other creditors as well.