Consider the following state- ments regarding insolvency and bankruptcy:

1. Bankruptcy refers to a financial state in which an individual or entity is unable to pay off their debts as they become due.

2. Insolvency refers to a legal process, where the assets of the debtor are liquidated or reorganized for the benefit of creditors.

3. Bankruptcy is a state whereas insolvency is the conclusion.

4. The Insolvency and Bankruptcy Board of India (IBBI) is the regulatory body responsible for overseeing insolvency and bankruptcy proceedings.

Which of the above statements is/are correct?