Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-mutual aid societies
Declare Bankruptcy
The formal process by which an individual or business legally declares their inability to pay outstanding debts.
Involuntary Bankruptcy
A legal process initiated by creditors to force a debtor into bankruptcy when they believe the debtor is unable to pay their debts.
Petition
A formal written request, often signed by many people, appealing to authority with respect to a particular cause or concern.
Debtor
An individual or organization that owes money to another entity.
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