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Noun: bankruptcy  bangk-rúpt-see
  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. (law) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent

Derived forms: bankruptcies

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

Encyclopedia: Bankruptcy, Moral Aspect of