Bankruptcy (from Italy. Banca rotta, letters. Broken bench) - a legal entity or individual entrepreneur who is unable to meet the demands of creditors and found insolvent by a court decision.
Can not be recognized as a bankrupt non-profit organizations, with the exception of consumer cooperatives or charitable or other fund, as well as public enterprise.
For the individual entrepreneur claims must relate to the implementation of the business.
Insolvency (Bankruptcy) - recognized by the authorized state organ failure of the debtor (a citizen or organization) to satisfy in full the claims of creditors and (or) to fulfill the obligation to pay compulsory government charges.
The procedure for recognition of the debtor's bankruptcy may be initiated by a creditor, the authorized state body or by the debtor. 
The purpose of the bankruptcy procedure as may be restoring the solvency of the debtor, the restructuring of debt or claims of creditors by the debtor's property to its subsequent liquidation (if the debtor - legal entity).
In some countries (the Russian Federation does not apply to them), bankruptcy can be recognized not only the legal entity or individual entrepreneur, but an individual.
The norms of international law in force does not contain procedures for the recognition of failed public education, but history knows many examples when the sovereign state declared «defaulted», that is their rejection of the charges on the internal and external debts.
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