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English definition of “involuntary bankruptcy”

involuntary bankruptcy

noun [U]
 
 
LAW
a situation in which a business or a person becomes unable to pay their debts, and is made officially bankrupt after people who are owed money go to court to try to get some of their money back: The company was placed into involuntary bankruptcy, and assets were frozen. →  Compare voluntary bankruptcy
(Definition of involuntary bankruptcy from the Cambridge Business English Dictionary © Cambridge University Press)
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