The declaration by a court of law that a company or individual is insolvent, i.e., it cannot pay its debts on the due dates is known as

Related MCQs

• The contract to pay a premium for which the insurer will pay compensation in certain happenings e.g., fire theft or motor accident is termed as:
• Which of the following is referred to as international currency because it is regarded as acceptable for the settlement of international debts?
• The study of whole economic systems aggregating over the functioning of individual units. Specifically, it is study of national economies and the determination of national income. It is known as
• The branch of economics at the level of individual consumers groups of consumers or firms is known as:
• Arranging one’s financial affairs within the law so as to minimize taxation liabilities is known as
• The excess of price a person is to pay rather than forego the consumption of the commodity is called -
• The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called
• The transaction in which the buyer of an item is selected after a number of buyers have made some willingness to pay for that item; is marked as
• The order written by the drawer to a commercial bank or central bank to pay on demand a particular sum to a bearer is referred to as
• The process of converting short term to long term debt by the sale of long term securities and using the funds raised to pay off short-term debt is called: