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Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Glossary > B

Bankruptcy

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. 

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