BANKRUPTCY

bankruptcy

(noun) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent

bankruptcy, failure

(noun) inability to discharge all your debts as they come due; “the company had to declare bankruptcy”; “fraudulent loans led to the failure of many banks”

bankruptcy

(noun) a state of complete lack of some abstract property; “spiritual bankruptcy”; “moral bankruptcy”; “intellectual bankruptcy”

Source: WordNet® 3.1

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Etymology

Noun

bankruptcy (countable and uncountable, plural bankruptcies)

A legally declared or recognized condition of insolvency of a person or organization.

Source: Wiktionary

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Bank"rupt*cy, n.; pl. Bankruptcies(

1. The state of being actually or legally bankrupt.

2. The act or process of becoming a bankrupt.

3. Complete loss; -- followed by of.

Source: Webster’s Unabridged Dictionary 1913 Edition

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