According to this case study which is based on real event, records hold that upon declaration of bankruptcy in August 2019, Taylor Interior Designs was indebted to the tune of $1.3 Billion.
What is a bankruptcy?
When a person or corporation is unable to discharge existing debts or obligations, a judicial action called bankruptcy is initiated.
A corporation will not be driven out of business if it files for bankruptcy.
Many businesses have embraced this method to eliminate debt and other financial commitments, slash expenses, and achieve record profits.
It is to be noted that a general answer was provided given that the information the question was unavailable.
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