Chapter 12 - Learning Objectives

After studying this chapter, you should be able to:

1. How does a business recover an unpaid debt? What if the debtor is a consumer?
2. What happens when a business gets into fi nancial difficulty? What does it mean for an individual to be declared bankrupt, or for a company to be liquidated? And what are the alternatives to these extreme measures?
3. Apart from being bankrupted or liquidated, what are some of the other ways in which a business can be closed down?