From Longman Dictionary of Contemporary Englishbankruptcybank‧rupt‧cy /ˈbæŋkrʌptsi/ ●●○ noun (plural bankruptcies) 1 [countable, uncountable]BMONEY the state of being unable to pay your debts SYN insolvency In 1999 it was revealed that he was close to bankruptcy. When inflation rises, so do bankruptcies.2 [uncountable]NOT HAVE a total lack of a particular good quality the moral bankruptcy of terrorism
Examples from the Corpus
bankruptcy• With the abrupt economic slowdown, credit card companies expect more delinquencies and bankruptcies.• Bankers and the new elite were threatened by bankruptcy.• Corporate bankruptcies increased last year.• the moral bankruptcy of this materialistic society• Here, when the relevant act of bankruptcy occurred, Mr. Dennis was a beneficial joint tenant of the two properties.• Public enterprises run little risk of bankruptcy, and if targets are not met, governments usually step in to cover deficits.• Trying to determine where the bulk of investors' money has gone is the primary goal of the bankruptcy court.• But the company which makes it has been close to bankruptcy.• They want more disclosure from the industry in exchange for tougher bankruptcy laws.From Longman Business Dictionarybankruptcybank‧rupt‧cy /ˈbæŋkrʌptsi/ noun (plural bankruptcies) [countable, uncountable] LAW when someone is judged to be unable to pay their debts by a court of law, and their assets are shared among the people and businesses that they owe money toMany state-operated companies had experienced difficulties and some had faced bankruptcy.The number of bankruptcies in the first half of the year soared by 60%. – When a person or a company does not have enough money or assets to pay their debts, they are insolvent. Informally, both an individual or a company can be described as bankrupt. In a strict legal sense, however, it can only be used to describe people, not companies in the UK. Administration is when a failing company is reorganized by an independent specialist with the aim of continuing some of its activities and avoiding liquidation (=a situation in which a company stops operating and its assets are sold to pay its debts). Receivership is when a company that does not have enough money to pay its debts is put under the control of a receiver (=someone who is chosen by a court of law to be in charge of a bankrupt company) who sells the company’s assets in order to pay creditors (=people or companies who are owed money) and closes the company. – In the US, bankrupt can be used as an informal or strict legal term to describe individuals or companies. The set of laws dealing with bankruptcy is the Bankruptcy Code. Two parts of the law that deal with the process by which companies officially become bankrupt are Chapter 11 and Chapter 7. Chapter 11 gives failing companies a period of time to reorganize, after which they must pay their creditors. Chapter 7 deals with the process of a bankrupt company going into liquidation. → act of bankruptcy → discharge from bankruptcy → involuntary bankruptcy → trustee in bankruptcy → voluntary bankruptcy 