Lists number of bankruptcies by year, type (consumer or business) and municipality and municipal district. A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. The person who owes the debt assigns all assets - with some exceptions - to a licensed insolvency trustee who sells it or uses it to help pay the debt to the creditors. A 'person' can be a human being (natural person), a partnership or a corporation that is recognized by law as having rights and duties.