Interlinked Thematic Vocabulary Unit Nº 323 v.0.2
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- asset |n| [usually plural] something valuable belonging to a person or organization that can be used for the payment of debts. (From Cambridge Dictionary. Dec 26, 2025)
- "A company's assets can consist of cash, investments, specialist knowledge, or copyright material." (From Cambridge Dictionary. Dec 26, 2025)
- liquid asset|n| a lot of his wealth is in the form of stock, but he has little in liquid assets (= money or things that can easily be changed into money). (From Cambridge Dictionary. Dec 26, 2025
- bankruptcy |n| a legal procedure for liquidating a business (or property owned by an individual) which cannot fully pay its debts out of its current assets. Bankruptcy can be brought upon itself by an insolvent debtor (called 'voluntary bankruptcy') or it can be forced on court orders issued on creditors' petition (called 'involuntary bankruptcy'). Two major objectives of a bankruptcy are (1) fair settlement of the legal claims of the creditors through an equitable distribution of debtor's assets, and (2) to provide the debtor an opportunity for fresh start. Bankruptcy amounts to a business-failure, but voluntary winding up does not.
