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Insolvency refers to a situation where an individual or entity is unable to meet their financial obligations, such as debts or liabilities, as they become due. It often leads to bankruptcy proceedings, which involve a legal process aimed at resolving the debtor's financial issues. Bankruptcy typically involves the liquidation of assets to repay creditors or the restructuring of debts under court supervision. It's a complex legal process governed by specific laws and regulations designed to protect both debtors and creditors. Ultimately, the goal of bankruptcy is to provide a fair and orderly resolution to financial distress.
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