Task: Instance Description Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes the instance 'BANKRUPTCY'?

A. GLEIF classifier for corporate actions consisting of a procedure that allows a legal entity to settle debts by paying only a proportion of the amount that it owes to creditors or to come to some other arrangement with its creditors over the payment of its debts (event completed)
B. GLEIF classifier for corporate actions involving the entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises the appointment of a trustee-in-bankruptcy or similar official for such party in any the instance, readjustment of debt, marshalling of assets and liabilities, or similar proceedings, or for the winding up or liquidation of their respective affairs (event completed)
C. GLEIF classifier for corporate actions involving (i) A voluntary termination of operations, (ii) a general assignment for the benefit of the legal entity's creditors or (iii) any other liquidation, the instance or winding up of the legal entity (excluding a Liquidity Event), whether voluntary or involuntary (event completed)
D. GLEIF classifier for corporate actions in which the status of a legal entity is that it is unable to pay creditors

Answer: GLEIF classifier for corporate actions in which the status of a legal entity is that it is unable to pay creditors