Arises from failure of the business to fulfil its responsibilities to, and / or meet the expectations or objectives of, one or more of its stakeholders. Actual termination of the business may be voluntary, for example arising from inadequate financial return for, or failure to meet the objectives of, the owners. It may also be involuntary, for example, being brought about by the business’s creditors as a result of failure to meet debts as they fall due.