Testwala logoTestwala
HomeMocksPracticePYQsDashboard
Testwala logoTestwala

Timing-accurate mock tests and PYQs for SSC, Banking and Railway exams — so the real paper feels like a revision.

Exams

  • SSC exams
  • Banking exams
  • Railway exams
  • All exams

Practice

  • Practice questions
  • Mock test series
  • Sectional tests
  • Year-wise PYQs
  • Performance analytics

Company

  • About us
  • Help Centre
  • Pricing
  • Sign in

Legal

  • Privacy Policy
  • Terms of Service

Contact

  • hello@testwala.co.in
  • Telegram
  • +91 62816 87760

Practice interface modeled on the official exam pattern — not the official examination. Testwala is not affiliated with the Staff Selection Commission, IBPS, SBI, RBI, NABARD, SEBI or Indian Railways.

© 2026 Testwala. All rights reserved.

Built for aspirants, by aspirants.

HomeMocksPracticeStats
  1. Home
  2. ›
  3. PYQs
  4. ›
  5. BPSC (Bihar PCS)
  6. ›
  7. 2023
  8. ›
  9. Q145

BPSC (Bihar PCS) 2023 · Question 145 of 150

Consider the following statements regarding insolvency and bankruptcy: 1. Bankruptcy refers to a financial state in which an individual or entity is unable to pay off their debts as they become due. 2. Insolvency refers to a legal process, where the assets of the debtor are liquidated or reorganized for the benefit of creditors. 3. Bankruptcy is a state whereas insolvency is the conclusion. 4. The Insolvency and Bankruptcy Board of India (IBBI) is the regulatory body responsible for overseeing insolvency and bankruptcy proceedings. Which of the above statements is/are correct?

Economy

  1. AOnly 1 and 2
  2. B1, 2 and 3
  3. C2, 3 and 4
  4. DOnly 4Correct

Answer: D. Only 4

Explanation

Only statement 4 is correct: IBBI oversees insolvency and bankruptcy proceedings (bankruptcy is the legal process; insolvency the financial state).

Source: 69th BPSC Prelims 2023 (Set B)

← Q144View full paper (150 questions)Q146 →

Practice the full BPSC (Bihar PCS) 2023 paper

Timed test with all 150 questions, just like the real exam.

Start test