Bankruptcy: meaning, definitions and examples
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bankruptcy
[ ˈbæŋkrəptsi ]
legal process
Bankruptcy is a legal process through which individuals or businesses that cannot repay their debts to creditors may seek relief from some or all of their debts. It is often initiated by the debtor.
Synonyms
default, insolvency, liquidation
Examples of usage
- After years of financial struggle, the company had no choice but to file for bankruptcy.
- Personal bankruptcy can have long-lasting effects on an individual's credit score.
financial status
Bankruptcy refers to the state of being completely lacking in a particular quality or value. It can also mean the state of having been declared bankrupt.
Synonyms
bankrupt state, insolvency, ruin
Examples of usage
- The bankruptcy of the company led to widespread job losses.
- His bankruptcy of ideas left him unable to come up with a solution.
Translations
Translations of the word "bankruptcy" in other languages:
🇵🇹 falência
🇮🇳 दिवालियापन
🇩🇪 Bankrott
🇮🇩 kebangkrutan
🇺🇦 банкрутство
🇵🇱 bankructwo
🇯🇵 破産 (はさん)
🇫🇷 faillite
🇪🇸 quiebra
🇹🇷 iflas
🇰🇷 파산 (破産)
🇸🇦 إفلاس
🇨🇿 bankrot
🇸🇰 bankrot
🇨🇳 破产 (pòchǎn)
🇸🇮 stečaj
🇮🇸 gjaldþrot
🇰🇿 банкроттық
🇬🇪 გამოცხადება
🇦🇿 müflislik
🇲🇽 quiebra
Word origin
The word 'bankruptcy' originates from the Italian word 'banca rotta', meaning 'broken bench'. In ancient times, Italian moneylenders conducted their business sitting at benches. When a moneylender could no longer pay his debts, his bench was physically broken as a symbol of his insolvency. The concept of bankruptcy has evolved over centuries to become the legal process we know today.
See also: bankrupting.