A one minute video through which insolvency, default and bankruptcy have been defined, explained and compared.
Way too many people make the mistake of thinking that insolvency, default or bankruptcy are just three words which basically mean the same thing. That is definitely not the case.
As we're about to find out:
1) Insolvency is a state of being
2) A default is an event
3) A bankruptcy is a legal process
While there are definitely similarities between insolvency, default and bankruptcy, the terms are by no means interchangeable.
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