Definition of BANKRUPTCY

noun : BANKRUPTCY

Source: WordNet 3.1

  • 1. (

    ) a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy" ;

  • 2. (

    ) 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" ;

  • 3. (

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


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