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    Faillite (en. Bankruptcy)

    /fajit/

    Meaning & Definition

    EnglishFrench
    noun
    Legal situation in which a person or business is unable to repay debts.
    The company's bankruptcy led to the loss of hundreds of jobs.
    La faillite de l'entreprise a conduit à la perte de centaines d'emplois.
    Legal procedure by which the assets of an insolvent person are liquidated to pay creditors.
    After his bankruptcy, his assets were sold at auction.
    Après sa faillite, ses actifs ont été vendus aux enchères.
    Total failure in a business or project.
    The product launch was a resounding failure, synonymous with bankruptcy for the company.
    Le lancement du produit a été un échec retentissant, synonyme de faillite pour la société.

    Etymology

    From Latin 'fallita', which means 'failure'.

    Common Phrases and Expressions

    bankruptcy declaration
    Official act declaring an inability to pay debts.
    déclaration de faillite
    bankruptcy situation
    Condition where debts exceed assets.
    situation de faillite
    personal bankruptcy
    Bankruptcy of an individual, often due to an inability to manage finances.
    faillite personnelle

    Related Words

    insolvency
    State of a person or business that cannot meet its debts.
    insolvabilité
    liquidation
    Procedure for selling the assets of a business to pay its creditors.
    liquidation
    creditor
    Person or entity to whom a sum of money is owed.
    créancier

    Slang Meanings

    To go bankrupt
    He eventually decided to go bankrupt after months of debt.
    Il a finalement décidé de faire faillite après des mois de dettes.
    To be on the streets
    After the bankruptcy of his business, he found himself on the streets.
    Après la faillite de son entreprise, il s'est retrouvé à la rue.