Yes, in our country being declared bankrupt means the business is basically finished.

However being declared, or declaring yourself that you are insolvent, means you may go bankrupt, or you may have an administrator appointed and you may trade out of difficulty, or you may sell the assets (if any left) or some other arrangement may be made.

Pity as it appears the third generation didn't change the company enough to keep on moving with the times, seems to be an international thing in that the first generation starts the enterprise, the second consolidates it and the third generation loses it.

Agx can you, or someone else elaborate further as my German isn't that good, but I think I got the gist of the link?