bankruptcy

[ bangk-ruhpt-see, -ruhp-see ]

noun

, plural bank·rupt·cies.

1. the state of being or becoming bankrupt.
2. utter ruin, failure, depletion, or the like.

bankruptcy

/ ˈbæŋkrʌptsɪ; -rəptsɪ /

noun

1. the state, condition, or quality of being or becoming bankrupt

bankruptcy

1. Legally declared insolvency, or inability to pay creditors .

Notes

If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual's or corporation's assets and to establish a schedule by which creditors can be partially repaid what is owed them.

An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt.

Other Words From

• pre·bankrupt·cy noun plural prebankruptcies

Word History and Origins

Origin of bankruptcy¹

First recorded in 1690–1700; bankrupt + -cy

Example Sentences

"The government’s published intention to 'act as quickly as possible' will not be quick enough and we are already seeing the despair from some NLC members who are facing bankruptcy due to escalating service charges."

From BBC

AllHere is now in Chapter 7 bankruptcy, its employees have been laid off, and the company is under the control of a court-appointed bankruptcy trustee, according to the U.S. attorney’s office.

From Los Angeles Times

US budget carrier Spirit Airlines has filed for bankruptcy protection after a long run of financial losses and a series of failed merger attempts.

From BBC

In the wake of Red Lobster filing for bankruptcy, Public Enemy rapper Flavor Flav shared that he visited a restaurant location and ordered everything on the menu in an attempt to save the chain’s business.

From Salon

The retailers were among many companies that enlisted Mr. Perez’s services after he and his firms endured government raids, arrests, bankruptcies, indictments and lawsuits, according to interviews, BaronHR client records and court filings.

From New York Times

Related Words

• default
• disaster
• failure
• insolvency
• liquidation
• loss