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Insolvency vs. Default vs. Bankruptcy: Three Terms Defined, Explained and Compared in One Minute
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- เผยแพร่เมื่อ 18 ส.ค. 2024
- A one minute video through which insolvency, default and bankruptcy have been defined, explained and compared.
Way too many people make the mistake of thinking that insolvency, default or bankruptcy are just three words which basically mean the same thing. That is definitely not the case.
As we're about to find out:
1) Insolvency is a state of being
2) A default is an event
3) A bankruptcy is a legal process
While there are definitely similarities between insolvency, default and bankruptcy, the terms are by no means interchangeable.
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Insolvency is a state of being i e not having enough to pay any obligations.
bankruptcy is a legal process done at the time when a person defaults.
Brilliant video. See far to many of these made Overy complicated, you guys explained it in 2 minutes. Subscribed 👍🏻
Welcome to the community :)
Nicely explained.☺
Thanks comrade for the useful and well interpreted information, I needed this for my assignment. I appreciate the help 🙏
You are more than welcome, hope you did well! :)
Very clear & concise definition thanks
Happy you found it useful Nat, thanks a lot for taking the time to drop by and say something nice! :)
Thank you
You are more than welcome :)
Very succinct. Just what I need to know. Thanks
Very glad the video helped, thank you for the kind words :)
Thank you for the video. Very informative and easy to follow.
You're more than welcome Reece, thanks a ton for dropping by!
so beautifully explained
Thanks a lot Ryan, appreciate the kind words :)
Been tryna find the right word to describe me for so long and wallah'😃
:D
Great video!
THANK YOU !!
Thank YOU for taking the time to say something nice :)
Great video
Thanks a lot Jigar, glad you liked it :)
Great video, can you compare this to retail bank
Thanks! If you want to check out a video where I compare central banks to commercial banks, check out the following one: th-cam.com/video/cqGkm6qtRWg/w-d-xo.html
Good learning helping tips! Why i pay off credit bill early the better avoid this!! 😳😳😳
Genius! thx!
Happy you found the video useful Johnny! :)
very good
Thanks a lot Catherine :)
may I know what do you use to make those type of video cartoon character animations?
Hi, it's GoAnimate -> Vyond :)
This is 2 minutes. I want a refund.
1:58 Just under the wire. :)
Explanations is good.but the vedio is moving too fast
Sorry for the speed thing, glad you like the explanation though :)
Fear of being insolvent makes you work for other people's dream, until you can save at least 6 to 9 months of your expenses so in case you could easily quit your job and don't fear of bankruptcy for starting your own business.
Wouldn't necessarily use the word "easily" but yes, it can and should be done if doing your own thing is truly your dream :)
@@OneMinuteEconomics yes I guess it would have been better if I replaced easily maybe with easier
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