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English definition of “bankruptcy”

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bankruptcy

noun [C/U]  /ˈbæŋ·krəp·si/ us  
the inability to pay your debts, or a particular example of this, involving the sale of your property or some other arrangement to pay as much as possible of the money you owe: [U] If sales don’t improve, we’ll have to declare bankruptcy within a year.
(Definition of bankruptcy from the Cambridge Academic Content Dictionary © Cambridge University Press)
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