From Longman Dictionary of Contemporary Englishgo belly upgo belly upinformal if a business or company goes belly up, it stops operating because it cannot pay its debts → belly
Examples from the Corpus
go belly up• Tim's business went belly up in 1993.• Lehman Brothers eventually went belly up.• Two small boys trapped a crab, repeatedly poking it with a stick until it went belly up and played dead.• Cooke won a settlement so big that the label went belly up. 