Bankruptcy is the legal process whereby financially distressed firms, individuals, and occasionally governments resolve their debts. The bankruptcy process for firms plays a central role in economics, because competition drives inefficient firms out of business, thereby raising the average...

In the economic context of competitive market of today and from the perspective of European integration, even big companies can get in trouble. Because their executives or managers are not able to deal with difficult issues by taking effective and timely measures, companies may not keep the...