Search common contracting language and take a deeper dive to discover what each means
The official legal status of a person or organisation that cannot repay the debts owed to creditors.
Bankruptcy is declared following a legal proceeding in which all the debtor's assets are evaluated.
These assets may be used to repay some of the outstanding debt.
Using MarketIQ, businesses can assess whether potential third-parties have faced bankruptcy by viewing integrated risk feeds.
This will prevent them from spending time on non-viable suppliers.