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

Meanwhile, Lynch, the Miami-based investor, had been asking the U.S. government to allow him to bid on the sabotaged Nord Stream Pipeline 2 if it came up for auction in a Swiss bankruptcy proceeding.

Read more on The Wall Street Journal

Without it, many councils have warned they face rising costs and even bankruptcy.

Read more on BBC

Describing his current financial situation as “not great,” Spacey said that he did manage to avoid filing for bankruptcy, although he conceded that it had been “discussed” as an option.

Read more on MarketWatch

Northvolt was seen as a cornerstone in European efforts to catch up with Chinese battery producers before production delays and its mounting debts led it to declare bankruptcy in March.

Read more on Barron's

Already this fall: Palo Verde Hospital in Blythe filed for bankruptcy and Southern Inyo Hospital in Lone Pine sought emergency funds.

Read more on Los Angeles Times

Related Words

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