bankruptcy

American  

[bangk-ruhpt-see, -ruhp-see] / ˈbæŋk rʌpt si, -rəp si /

noun

plural

bankruptcies

1. the state of being or becoming bankrupt.

2. utter ruin, failure, depletion, or the like.

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bankruptcy British  

/ ˈbæŋkrʌptsɪ, -rəptsɪ /

noun

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

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bankruptcy Cultural  

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

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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 Word Forms

• prebankruptcy noun

Etymology

Origin of bankruptcy

First recorded in 1690–1700; bankrupt + -cy

Compare meaning

How does bankruptcy compare to similar and commonly confused words? Explore the most common comparisons:

• insolvency vs. bankruptcy

Example Sentences

He also covered Toshiba's restructuring and management shakeups following the bankruptcy of its U.S. unit, Westinghouse Electric.

From The Wall Street Journal

First Brands, which filed for bankruptcy in September, has been scrambling to secure additional financing to keep operating as cash quickly dwindled.

From The Wall Street Journal

The last slaughterhouse in Los Angeles County permanently closed its doors nearly four months ago in the wake of operational violations, escaped cattle and, finally, bankruptcy.

From Los Angeles Times

FAT Brands, the owner of restaurant concepts including Fatburger and Johnny Rockets, has filed for bankruptcy amid legal troubles and a ballooning pile of debt.

From The Wall Street Journal

U.S. restaurant franchiser FAT Brands FAT 0.51%increase; green up pointing triangle has filed for bankruptcy, coming as it looks to restructure piling debt.

From The Wall Street Journal

Related Words

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