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English definition of “bankruptcy”

bankruptcy

noun [C/U]    /ˈbæŋ·krəp·si/
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 noun from the Cambridge Academic Content Dictionary © Cambridge University Press)
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