Meaning of “bankruptcy proceedings” in the English Dictionary

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"bankruptcy proceedings" in Business English

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bankruptcy proceedingsnoun [ plural ]

uk us

LAW, FINANCE the legal process of becoming officially bankrupt (= unable to pay what you owe):

The county emerged from bankruptcy proceedings in June.
The company has been under Chapter 11 bankruptcy proceedings since April, when it filed to reorganize for the second time in three years.

(Definition of “bankruptcy proceedings” from the Cambridge Business English Dictionary © Cambridge University Press)