bankruptcy
noun [ C or U ]
uk/ˈbæŋkrəptsi/ usplural bankruptcies LAW, FINANCE
a situation in which a business or a person becomes unable to pay their debts, and is officially bankrupt:
be on the brink/verge of bankruptcy The country's largest automaker is rumored to be on the brink of bankruptcy.
declare/file for bankruptcy Now he's $37,000 in debt and plans to file for bankruptcy.
The company was forced into bankruptcy.
The toll of bankruptcies was rising daily.
See also
act of bankruptcy
Chapter 11
discharge in bankruptcy
involuntary bankruptcy
voluntary bankruptcy