7. Glossary

Personal bankruptcy

Professional sanction pronounced by the Commercial Court against a person for dishonest or negligent behavior.

Court-ordered liquidation

Procedure ordered by the commercial or district court to realize assets in order to settle liabilities.

Court receivership

Procedure used to resolve the situation of a company that is unable to pay one or more debts as they fall due, and has stopped making payments, but whose situation is not definitively compromised.