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Meaning & Definition of Bankruptcy in English

English

Bankruptcy

/bæŋkrəpsi/

noun

1. A state of complete lack of some abstract property

  • "Spiritual bankruptcy"
  • "Moral bankruptcy"
  • "Intellectual bankruptcy"
    synonym:
  • bankruptcy

2. Inability to discharge all your debts as they come due

  • "The company had to declare bankruptcy"
  • "Fraudulent loans led to the failure of many banks"
    synonym:
  • bankruptcy
  • ,
  • failure

3. A legal process intended to insure equality among the creditors of a corporation declared to be insolvent

    synonym:
  • bankruptcy

Examples of using

Because of his maladministration, his company was teetering on the edge of bankruptcy.
It is said that the world is in a state of bankruptcy, that the world owes to the world more than the world can pay.