/ˈbæŋkrəptsi/ BANG-krəp-tee

Definitions

1. noun

the state of being financially insolvent, especially to the extent of being unable to pay debts as they fall due; a formal declaration of insolvency.

“The company filed for bankruptcy after accumulating too much debt.”

2. noun

the act of ceasing to trade, especially because of financial difficulties.

“The retailer’s bankruptcy led to a significant loss of jobs in the area.”

3. noun

a state of being unable to fulfill a legal or moral obligation, especially with regard to a promise or contract.

“The government’s bankruptcy of its promise to protect the environment has led to widespread criticism.”

4. verb

to become financially insolvent or unable to pay debts as they fall due; to cease to trade because of financial difficulties.

“The company went bankrupt after investing in a failing project.”