The principle of self liquidating debt
Given difficult economic times worldwide, there s a chance that any of us could, at sometime, be in need of such assistance.Fortunately, with some planning and discipline, however, most people will be able to avoid the pain and frustration of extreme debt.For help in selecting a program that can help you keep track of where all the money goes, take a look at our Personal Finance Software Review site.In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.Once the process is complete, the business is dissolved.This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.
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Over the years, the public debt of the India's Central and that of State government has increased considerably during the planning period.
The Government borrows funds by way of public debt to meet the various development and non-development expenses.
While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure.
If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority.