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Can an organization grow itself into bankruptcy? Can you please explain why?

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There are basically 5 phases of an organization's life cycle:
<br>1. Startup
<br>2. Growth
<br>3. Decline
<br>4. Renewal
<br>5. Death or bankruptcy.
<br>There are many reasons for decline, including, but not limited to: (taken from Buccino & Associates: Seton Hall University Stiffman School of Business, as report in August 25, 2003, Business Week)
<br>1. Too much debt - 28%
<br>2. ...