Question: ohn opened All - for - Shop, a small retail outlet, in his neighborhood. He could not sustain it for more than a year because

ohn opened All

-

for

-

Shop, a small retail outlet, in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?

Multiple Choice

Formal failure

Foreclosure

Bankruptcy

Personal failure

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