Examlex
If RS is not bypassed,
Legal Bankruptcy
A legally declared inability or impairment of ability of an individual or organization to pay its creditors, which can lead to a legal process for resolution.
Technical Insolvency
A financial situation where an entity's liabilities exceed its assets but it continues to operate because it can meet its short-term obligations.
Accounting Insolvency
A situation where a company's total liabilities exceed its total assets, indicating difficulties in meeting financial obligations.
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