Noun: bankruptcy bangk-rúpt-see
- Inability to discharge all your debts as they come due
"the company had to declare bankruptcy";
- failure
- (law) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
"The company filed for bankruptcy after years of financial struggles"
- A state of complete lack of some abstract property
"intellectual bankruptcy"; "spiritual bankruptcy"; "moral bankruptcy"
Derived forms: bankruptcies
Type of: failure, insolvency, legal proceeding, proceeding, proceedings
Encyclopedia: Bankruptcy, Moral Aspect of