Although it's going out of business, the company did say it would not declare bankruptcy and that it would pay creditors.

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In a different post, he said that he would "declare bankruptcy" if his appeal against the fine was not successful.

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States have been losing hundreds of millions if not billions of dollars in tax revenue and seen their local businesses shrink or declare bankruptcy.

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Alan Shatter, Ireland's minister for justice, warned banks that they could face heavier losses if they did not agree debt deals with struggling mortgage holders, who might instead choose to declare bankruptcy.

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