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English definition of “bankruptcy”

bankruptcy

noun [C or U]     /ˈbæŋkrəptsi/ (plural bankruptcies)
LAW, FINANCE a situation in which a business or a person becomes unable to pay their debts, and is officially bankrupt: be on the brink/verge of bankruptcy The country's largest automaker is rumored to be on the brink of bankruptcy.declare/file for bankruptcy Now he's $37,000 in debt and plans to file for bankruptcy. The company was forced into bankruptcy. The toll of bankruptcies was rising daily. → See also act of bankruptcy, Chapter 11, discharge in bankruptcy, involuntary bankruptcy, voluntary bankruptcy
(Definition of bankruptcy noun from the Cambridge Business English Dictionary © Cambridge University Press)
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