Françoise Clementi

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declaration of insolvency

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Tags: business

A determination by a bankruptcy court that a person or business cannot raise the funds to pay all of his/her debts. The court will then «discharge» (forgive) some or all of the debts, leaving those creditors holding the bag and not getting what is owed them.
(source: http://legal-dictionary.thefreedictionary.com/insolvency)

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