Question: This question is from Business Law. Kindly use ILAC method to use this answer. Thank you. Question 03: Who is a Bankrupt and why? What

This question is from Business Law. Kindly use ILAC method to use this answer. Thank you.

Question 03: Who is a Bankrupt and why? What constitutes an act of bankruptcy? What are the basic requirements that 'Creditor' and 'Debtor' must fulfill in order to succeed in a bankruptcy proceeding? When a secured creditor can participate in bankruptcy proceedings

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