Examlex
Describe the concept of duality in REA.
Bankrupt Company
A company that has been declared legally insolvent and unable to pay its debts, leading to legal proceedings for asset liquidation or restructuring.
Past Due Taxes
Taxes that have not been paid by the date they are due, potentially incurring penalties and interest.
Title Search
An examination of public records to confirm a property’s legal ownership and find out what claims or liens are on the property.
Salvage Proceeds
The amount of money received from selling an asset after its useful life is over or it has been damaged beyond repair.
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