- published: 11 Dec 2013
- views: 1054885
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example liquidation and administration, are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.
The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken). A "bank" originally referred to a bench, which the first bankers had in the public places, in markets, fairs, etc. on which they tolled their money,[clarification needed] wrote their bills of exchange, etc. Hence, when a banker failed, he broke his bank, to advertise to the public that the person to whom the bank belonged was no longer in a condition to continue his business. As this practice was very frequent in Italy, it is said the term bankrupt is derived from the Italian banca rotta, broken bank (see e.g. Ponte Vecchio).
Spending a most unusual night in Prague with a one-eyed dog
And a cat controlled by evil spirits - It scared us all to death
Viktor was such a friendly monster, he knew Gorilla ruled
Mouthguard from Brisbane, nice to meet you
I hope you liked your tour
Someday, I've got to awake
And all that remains is the pictures I take, inside
I'll grow old with these memories
Someday it all goes away
If nobody's out there, I don't wanna play, I know
I'll grow old with these memories from the underground
Teaching a most unusual crowd how punk rock's being done
Squat types, hell's angels and immigrants, plus Lisa and her dog
C.S.O.A. means social center, and crusties smell like hell
No vegan food, we want some pizza
And we've learnt our lesson well