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The IWC Glossary

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Bankrupt

If a person can not pay his or her debts the people that are owed the money (the Creditors) can apply to the courts to make the person Bankrupt.
 
When dealing with Probate it is important to ensure no assets pass to a Bankrupt person. The bankrupt persons fnancial affairs are manged by Trustees and fall under their jurisdiction.
 
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