51Թ

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bankruptcy

[bangk-ruhpt-see, -ruhp-see]

noun

plural

bankruptcies 
  1. the state of being or becoming bankrupt.

  2. utter ruin, failure, depletion, or the like.



bankruptcy

/ ˈbæŋkrʌptsɪ, -rəptsɪ /

noun

  1. the state, condition, or quality of being or becoming bankrupt

“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

bankruptcy

  1. Legally declared insolvency, or inability to pay creditors.

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If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual's or corporation's assets and to establish a schedule by which creditors can be partially repaid what is owed them.
An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt.
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Other 51Թ Forms

  • prebankruptcy noun
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51Թ History and Origins

Origin of bankruptcy1

First recorded in 1690–1700; bankrupt + -cy
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Example Sentences

Examples have not been reviewed.

Forever 21 is closing its doors downtown after filing for bankruptcy; American Apparel faced similar financial struggles, but its founder created a new label, Los Angeles Apparel, that has a factory store in the district.

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And sorting details about taxes or what would happen in bankruptcy is complex.

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The company’s bankruptcy has raised questions over privacy standards for genetic data, which experts say is uniquely sensitive, immutable and irreplaceable if stolen.

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Happily, Freeman and Moss won a $148-million settlement from Giuliani, leading the former New York mayor to unsuccessfully sue for bankruptcy in an effort to dodge his obligation.

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Green’s legal team had been providing court-ordered updates on the status of the property, always stating that Green was still in bankruptcy proceedings and therefore still had that automatic stay protecting his home.

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bankruptbankruptcy order