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

But behind the scenes the company was collapsing and ultimately declared bankruptcy.

From Los Angeles Times

Dozens of its rivals declined for decades and filed for bankruptcy or went out of business.

From The Wall Street Journal

The renovated space never passed inspection, and the club filed for bankruptcy at the end of the summer.

From The Wall Street Journal

That is a remarkable turnaround since Milei took power 27 months ago with an economy near hyperinflation and a treasury headed for another bankruptcy.

From Barron's

Even Georgia’s Vogtle plant—$16 billion over budget, seven years late, responsible for a major bankruptcy—cost less, according to the International Energy Agency.

From The Wall Street Journal

Related Words

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