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

More than 20 clubs entered bankruptcy proceedings, unpaid wages dominated headlines, and debts to tax and social security authorities ballooned above £595m.

From BBC

WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office-sharing company once seen as a Wall Street darling.

From Los Angeles Times

Listed among creditors in Aspiration’s bankruptcy documents is Leonard, raising questions about whether his $28-million endorsement deal with the company skirted NBA salary cap rules.

From Los Angeles Times

After filing for bankruptcy protection for the second time this year, the low-cost airline is actively seeking to cut flight routes where they are losing money.

From Los Angeles Times

The Indiana bankruptcy attorney's lawsuit states that he has been practising law for 38 years - ever since Mark E Zuckerberg, now one of the richest men in the world, was a toddler.

From BBC

Related Words

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