Dictionary of Procurement Terms

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Search Results: 1-2 of 2 results for “Bankruptcy”

  • Bankruptcy

    A legal procedure designed both to protect an individual or business that cannot meet its financial obligations and to protect the creditors involved. (Schiller, 2000)

    See Also: Voluntary Bankruptcy

  • Voluntary Bankruptcy

    A bankruptcy procedure initiated by an individual or business that can no longer meet its financial obligations. (Business, 2002)

    See Also: Bankruptcy