Meaning of “involuntary bankruptcy” in the English Dictionary

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"involuntary bankruptcy" in Business English

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involuntary bankruptcynoun [ U ]

uk us 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:

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