Bankruptcy Order

A Bankruptcy Order is a legal decision that declares a person or business unable to pay their debts. Once ordered, a court appoints a trustee to manage the individual's or company's remaining assets to pay creditors. This process provides a legal framework for debt resolution, offering relief from overwhelming financial obligations while ensuring fair distribution to those owed money. It typically results in the person's or company's financial affairs being managed under court supervision, and may lead to the discharge of remaining debts.