Question
Download Solution PDF______ is a legal declaration of a person who is unable to pay off debts.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Bankruptcy.Key Points
- The legal status of an entity or a person where the debt owed to the creditors cannot be repaid is known as Bankruptcy.
- It is important to note that bankruptcy is not synonymous with insolvency.
- Insolvency is a state of financial distress in which a business or person is unable to pay its bills or debts.
- The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
Additional Information
| Term | Meaning |
| Credit Crunch | A credit crunch refers to a decline in lending activity by financial institutions brought on by a sudden shortage of funds. |
| Amortization | Amortization is a practice that helps spread the cost of an intangible asset over a specific period, which is usually the course of its useful life. |
| Bancassurance | the concept of selling the products that insurance companies offer through the bank |
Last updated on Jun 26, 2025
-> The Staff selection commission has released the SSC CHSL Notification 2025 on its official website on 23rd June 2025.
-> The SSC CHSL Apply Online 2025 has been started and candidates can apply online on or before 18th July.
-> The SSC has released the SSC CHSL exam calendar for various exams including CHSL 2025 Recruitment. As per the calendar, SSC CHSL Application process will be active from 23rd June 2025 to 18th July 2025.
-> The SSC CHSL is conducted to recruit candidates for various posts such as Postal Assistant, Lower Divisional Clerks, Court Clerk, Sorting Assistants, Data Entry Operators, etc. under the Central Government.
-> The SSC CHSL Selection Process consists of a Computer Based Exam (Tier I & Tier II).
-> To enhance your preparation for the exam, practice important questions from SSC CHSL Previous Year Papers. Also, attempt SSC CHSL Mock Test.
-> The UGC NET Exam Analysis 2025 for the exam conducted on June 25 is out.