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Bankruptcy is a situation where the court of law has declared the insolvency of a person or entity and passed orders for its resolution

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Bankruptcy is a situation where the court of law has declared the insolvency of a person or entity and passed orders for its resolution. In 2001 Barbados' Bankruptcy Act (Cap. 303) was repealed and replaced by the " Barbados Bankruptcy and Insolvency Act 2001".

What is meant by "receiving order' and outline its purpose?