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English definition of “bankruptcy”

bankruptcy

noun     /ˈbæŋ.krəpt.si/
[C or U] a situation in which a business or a person becomes bankrupt : The company was forced into bankruptcy. The toll of bankruptcies was rising daily .Poverty and poorStarting, succeeding and failing in business [U] the fact of good qualities being completely absent : moral bankruptcyLacking thingsScarce, inadequate and not enoughEssential or necessary
(Definition of bankruptcy noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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