Bankruptcies; enterprises, regions

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Description topics

Pronounced bankruptcies

Pronounced bankruptcies
The number of natural persons with sole proprietorship and companies and institutions that has been declared bankrupt by court ruling.

Bankruptcy
State in which the judge can declare a legal unit that has ceased to pay. The assets and revenues of that legal unit (the debtor) are then taken to pay off the debts. The bankruptcy can be pronounced at the request of a creditor, the debtor himself or the Public Prosecution Service. After the income and assets have been paid out to creditors, the bankruptcy is terminated but the debtor is often not debt-free. Residual debts remain due and payable. The bankruptcy of a legal entity at the request of a creditor can only be made if there is also a debt to another creditor.