bankruptcy
nounUK /ˈbæŋ.krʌpt.si/
US /ˈbæŋ.krʌpt.si/
A situation where a person or company has no money left to pay what they owe.
The small shop closed down and declared bankruptcy after losing all its customers.
RELATED WORDS
OTHER MEANINGS
2. A legal process in which a court takes control of a person's or company's money and property to pay debts.
She filed for bankruptcy after her business failed.
3. A complete lack of something valuable, such as ideas or good qualities.
The plan was a moral bankruptcy of leadership.
4. The state of being unable to pay debts as they become due.
The company faced bankruptcy when its main investor withdrew.