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When a company declares bankruptcy (or is forced to) and their debts are liquidated using whatever equity they have left to pay back their creditors.

This means that the bankrupt business will be dissolved and any money owed from the company to their “creditors, suppliers or customers” is now in danger because there will not be enough money to go round, hence the bankruptcy. These “creditors, suppliers or customers” are notified to appear in court to find out if they are going to receive what they are owed.