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1. Bankruptcy is a situation where the court of law has declared the insolvency of a person or entity and passed orders for its resolution.

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1. Bankruptcy is a situation where the court of law has declared the insolvency of a person or entity and passed orders for its resolution. In 2001 Barbados' Bankruptcy Act (Cap. 303) was repealed and replaced by the \"Barbados Bankruptcy and Insolvency Act 2001". What is meant by 'Receiving Order' and outline its purpose? [5 marks]

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