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Business bankruptcy
The bankruptcy is a procedure regulated by law aimed at companies that are in a state of present or near insolvency, unable to meet their debts. Thanks to the bankruptcy, the debt with creditors can be renegotiated and the collection of others such as workers is guaranteed.
The bankruptcy can be requested by the employer himself, (voluntary bankruptcy) or by a creditor (necessary bankruptcy), in which case it can be classified as guilty, with serious consequences for the bankrupt.