Definitions for: Bankruptcy


[n] a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
[n] 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"
[n] a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"



Webster (1913) Definition: Bank"rupt*cy, n.; pl. Bankruptcies(?).
1. The state of being actually or legally bankrupt.

2. The act or process of becoming a bankrupt.

3. Complete loss; -- followed by of.

Synonyms: failure

See Also: insolvency, legal proceeding, proceeding, proceedings

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