bankruptcyˈbæŋk rʌpt si, -rəp si
bankruptcy (n)
- plural
- bankruptcies
bankruptcy
English Definitions:
bankruptcy (noun)
a state of complete lack of some abstract property
"spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
bankruptcy, failure (noun)
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 (noun)
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
bankruptcy (Noun)
A legally declared or recognized condition of insolvency of a person or organization.
Bankruptcy
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.
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"bankruptcy." Kamus.net. STANDS4 LLC, 2024. Web. 24 Apr. 2024. <https://www.kamus.net/english/bankruptcy>.
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