Bankruptcy is a potent word and one that means different things in different countries. With the news that LIV Golf has filed for bankruptcy in the United States, what does that represent for what is a global entity?
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For comparison, in Australia there are two types of bankruptcy: voluntary and involuntary. In a voluntary bankruptcy, petitioners lodge a petition with the court to go bankrupt. This is called a debtor’s petition. In an involuntary bankruptcy, creditors (who have been unable to recover debts totalling $5,000) can take action against you to have a court declare you bankrupt. This is called a sequestration order.
In…