bankruptcy

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

noun

plural

bankruptcies 

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.

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

Word History and Origins

Origin of bankruptcy¹

First recorded in 1690–1700; bankrupt + -cy

Example Sentences

Frazier noted there was a push to limit utility wildfire liability after a series of devastating fires in 2017 and 2018 that ultimately forced Pacific Gas & Electric to file for bankruptcy.

From Los Angeles Times

JLR's supply chain has been under huge financial pressure as a result of the stoppage, with many smaller companies in particular thought to be at risk of bankruptcy.

From BBC

Speaking outside court, Ali warned that the "Green Party is continuing to play a dangerous game" and further legal action could lead to "bankruptcy this time".

From BBC

In January, Joann filed for bankruptcy, citing lower sales and an inventory shortage.

From Los Angeles Times

The council is taking urgent action to avoid bankruptcy by next April, aiming to make savings to prevent going over budget by £35.2m this financial year.

From BBC

Related Words

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