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Noun: bankruptcy  bangkrúptsee
  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"
    - failure
     
  3. A legal process intended to insure equality among the creditors of a corporation declared to be insolvent

Derived forms: bankruptcies

See also: bankrupt

Type of: failure, insolvency, legal proceeding, proceeding, proceedings

Encyclopedia: Bankruptcy