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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (218777)2/11/2005 12:55:19 PM
From: RetiredNow  Read Replies (1) of 1574267
 
The definition of bankrupt is when liabilities exceed market value of assets. "Declaring" bankruptcy is indeed a legal term and means when you are seeking protection from your creditors, since your bankruptcy is causing them and you some consternation.

So your company can be bankrupt/insolvent without actually seeking legal protection under the laws of bankruptcy. In fact, there are many walking dead, bankrupt companies that restructure to become cashflow positive and then come out of insolvency again. However, when they dip below positive market value of net worth, then they are bankrupt.

Bankruptcy = when liabilities exceed market value of assets. So sayeth the dictionary.
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