But when we talk about bankruptcy, how many of us actually understand what it means? Katie Price is the latest celeb to be declared bankrupt after failing to stick to a plan to repay her debts.

Years of losses and two failed mergers have caused the ultra-low-cost carrier’s stock price to tumble 92% in the past year.

Red Lobster's new CEO recently mocked past leadership for financial missteps like the disastrous endless shrimp deal.