What does it mean? Bad Debt is debt that is not likely to be settled either due to failure in repayment by the borrower or due to no action to recover the debt from the collector. Bad Debt is mostly written off as uncollectible, which can impact the borrower’s credit score drastically. Points to remember …
Post Type Archives: Glossary
Balance Sheet
A balance sheet is a financial statement that includes a company’s assets, liabilities, equity and debt for a specific time. The assets and liabilities heads of a balance sheet should always tally, as any transaction would affect both sides. This sheet provides information about the financial position of the company. It is also used as …
Bankruptcy
Bankruptcy or insolvency refers to a situation when a person or company is unable to repay debt. In India, the procedures related to this are listed under the Insolvency and Bankruptcy Code, 2016. During insolvency, a person can sell their assets to repay dues to creditors or lenders. To apply for bankruptcy, you will have …