| 单词 | bankruptcy |
| 释义 | bankruptcy A legal arrangement to deal with the affairs of individuals unable to pay their debts. Bankruptcy proceedings may be started by the individual, or by unpaid creditors. The assets of a person adjudged bankrupt by a court are taken over by an official receiver and sold, the funds being used to repay creditors so far as possible. Those who have become bankrupt cannot accept credit without warning the lender that they are an undischarged bankrupt, and also face various restrictions on their future activities: in the UK, for example, they cannot be directors of companies or Members of Parliament. See also: Chapter 11 bankruptcy |
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