INSOLVENCY occurs when a business is unable to pay debts as they fall due.
PREFERRED BIDDER is the bidder who is selected by the vendor, usually to some predetermined criteria, as being the party to whom it intends to sell the business, or award a contract, subject to the completion of negotiations and legal arrangements.
REFINANCE is to to renew or reorganize the financing of an asset, e.g. obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
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