Meaning & Definition of Bankruptcy in English
1. A state of complete lack of some abstract property
- "Spiritual bankruptcy"
- "Moral bankruptcy"
- "Intellectual 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"
- bankruptcy ,
3. A legal process intended to insure equality among the creditors of a corporation declared to be insolvent
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.
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