A general umbrella term used in the UK to describe processes and regulations for companies that are at various stages of insolvency - ie unable to pay their debts as they fall due.
A very vague and woolly term used in the UK for various aspects of managing company affairs through stages of financial difficulties. Invariably fatal, it's time to review your position and tell your FD the full truth about what has happened. Don't try to get any last minute orders.
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