EVERYONE has heard of people being declared bankrupt, but it’s not as simple as just having no money.
In 2024, it was revealed Katie Price had gone bankrupt for the SECOND time after blowing her £45M fortune,
1
What is bankruptcy?
Bankruptcy is a legal status whereby debts cannot be repaid.
In the UK being bankrupt is limited to applying to individuals but in the US and some other countries, it can be applied to companies as well.
The word itself is derived from the Italian phrase banca rotta meaning “broken bank”.
In the modern world, it normally involves a restructuring of debts in an attempt to rehabilitate those who owe the money and sometimes continue with their
