This amounts to insolvency i.e. Being unable to pay your creditors.

If someone is bankrupt that person is insolvent - unable to pay creditors. 

Once someone is made the subject of a bankruptcy order all goods/effects are administered by a liquidator or trustee and sold for the benefit of those creditors. 

Bankruptcy arises or follows as a result of an order under the Insolvency Act 1986.

Applying to become bankrupt - GOV.UK

Bankruptcy - overview - Citizens Advice

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