Bankruptcy is the state of an individual or entity unable to pay off their debts. A court-ordered bankruptcy order leads to the liquidation of the bankrupt's assets to repay creditors.
A trustee in bankruptcy is an individual or entity appointed to manage the property and financial affairs of a bankrupt individual or entity. The trustee's responsibilities include collecting and liquidating assets, distributing the proceeds to creditors, and ensuring that the bankruptcy process is conducted in accordance with applicable laws.
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