In our simple general concept, we define bankruptcy by losing all money and property. Economically and legally, financial bankruptcy is an outlet and solution to preserve the health of the economy and its dealers. Bankruptcy is a purely legal procedure that occurs when the debtor runs out of financial liquidity and is practically unable to pay the dues of the creditors. In such cases, and in order to save some of the creditors’ money, and to maintain some safety in the lending operations in the financial market, as well as to give the bankrupt company or individual an opportunity for a new beginning, the law legislates bankruptcy procedures. The procedures generally require that the debtor’s property (assets) be evaluated and then liquidated through a third party that uses the proceeds of this liquidation to return part of the creditors’ dues in a scheduled manner, on the one hand, and on the other hand, the debtor legally drops the financial obligation before his creditors without criminal punishment.

The largest bankruptcy in history was for the Lehman Brothers group of companies, which declared bankruptcy during the 2008 global economic crisis with assets amounting to approximately 691 billion US dollars, while the most famous cases of bankruptcy among individuals were for the American Walt Disney when his first company (Laugh-O-Gram) went bankrupt after producing The character of Mickey Mouse, the company could not pay its employees’ salaries and debts, and the founder of the legend of the cartoon industry survived by declaring bankruptcy and traveled to Hollywood with the price of a bus ticket only to start his new company that bore his name. At the level of countries, a different picture of bankruptcy also appears, as in the case of Argentina in 2001, when the government announced its final inability to pay its foreign debts. The city, as happened with an Argentine ship in 2012 in a Ghanaian port.