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English definition of “act of bankruptcy”

act of bankruptcy

noun [C]    
LAW an action by someone who owes money that may give people they owe money to a reason to ask a court to say that they are bankrupt (= legally unable to pay what they owe and forced to give up control of their finances): This Agreement may be terminated if the other party commits any act of bankruptcy or has a receiving order made against it.
(Definition of act of bankruptcy noun from the Cambridge Business English Dictionary © Cambridge University Press)
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