Bankruptcy data presents complete details about the legal status of a company as a result of its declared bankruptcy. Companies declare bankruptcy and are either liquidated or reorganized. They file for bankruptcy to eliminate or repay their debts in full or in part, as directed by the bankruptcy court.
This type of data includes public information about debts, creditors, and financial statements. It may also include additional details about the company's finances.
Companies use the data for evaluating potential business partners before deciding on business deals. Bankruptcy data also serves as a reference for best practices when starting new ventures.
Bankruptcy data comes from various sources, and the chief source is government records. The government database provides accurate bankruptcy data which you can augment with data from other reliable sources.
Media houses are also good sources for this data, as businesses going bankrupt become public information. They have information available in news coverage, journals, magazines, and broadcast archives. As bankruptcy is a legal procedure, the related data is also part of the court records.
This is a type of legal data and has typical attributes available in legal proceedings. The attributes include entities that have recently filed for bankruptcy with the company name, the date and place of the bankruptcy declaration, its current status, and the individuals involved.
It can also include information about the proceedings, such as the presiding judge, attorneys, plaintiffs, defendants, rulings, the conditions in which the bankruptcy suit was filed, and other relevant details.
If the data spans a long time period, it will have more attributes, such as the specific bankruptcy procedure and the scope of the debts. If the companies declaring bankruptcy have made repayments, the records may also include the complete details of repayments.
To test the quality of the data, focus on the reliability of sources. Government databases typically provide high-quality data that is accurate, complete, and regularly updated. The timeliness of data ensures that the informed decisions you make are trustworthy.
As the data is sensitive and may also include personally identifiable information (PII), bankruptcy data must be compliant with region-specific privacy laws and regulations.
To test the quality of the data:
Evaluating and avoiding the risks of doing business with companies that have been through bankruptcy is a standard business practice. Companies planning to sign a business deal use this data for vetting the potential partners.
Lawyers use the data for court and legal proceedings about the specific company. It provides insights and references about the past legal proceedings to assist in handling present and future cases. This data also gets used in legal analytics and academic research in law.
New ventures use bankruptcy data to learn from the mistakes of other companies and not fall into the same traps.
It can also be used to augment other types of company data for profiling and evaluating companies.
Bankruptcy data contributes to understanding the creditworthiness of companies. This data must be current to ensure that the credit assessment of the companies is accurate. As vendors source this data from government and court records, it may contain sensitive data - privacy and compliance can be common challenges.
Bankruptcy data is similar to other types of data used in legal analytics, such as Litigation Data and Court Data. It can also be used along with Patent Data, and Trademark Data, and Intellectual Property Data.
You can use bankruptcy data with funding information and other types of company data for evaluating companies.
You can find a variety of examples of B2B and company data in the Explorium Data Gallery
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You can use bankruptcy data for B2B credit risk modeling, creditor profiling, customer profiling, and investment screening among other cases. Bankruptcy data is also used for legal proceedings and legal analytics.
Bankruptcy data is used by practically all industries, including retail, eCommerce, manufacturing, hi-tech, consumer goods or CPG, banks, insurance, and financial services.
Bankruptcy data needs to be complete and accurate, which demands careful evaluation of your vendors and reliability of their sources.