Bankruptcy
From Hattrick
In Hattrick you can have a maximum debt of €500k. If after an economical update your balance is €-500k or worse you will only be able to login 5 more times to put things straight.
If after 5 logins you haven't been able to reduce your debt to less than the permitted limit you will declared bankrupt and you will lose your team. If you do manage to sort out the financial situation, the login limit will be removed and you continue to play as normal.
Always keep in mind that using any CHPP application or website also counts for a login.