1.A debtor may file for bankruptcy,which is called “voluntary bankruptcy”.
2.Bankruptcy protects the debtor from debt collection by creditors.
3.He was adjudicated or declared bankrupt.
5.Insolvency matters are covered under the Bankruptcy Code.
6.The company was close to bankruptcy.
7.The company was declared insolvent.
8.The court appointed a receiver to administer and liquidate the assets of an insolvent corporation.
9.The creditors decided ot initiate a bankruptcy proceeding.
10.The debt was discharged in bankruptcy.