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Definitions from the Web

Bankruptcy

Definition:

Bankruptcy refers to the legal status of a person or organization that is unable to repay their outstanding debts. It is a formal declaration that initiates a legal process to help individuals or businesses restructure or eliminate their debts.

Senses:

1. Bankruptcy (noun):

   The state of being bankrupt; a person or organization's inability to pay debts.

   Example sentence: After years of financial mismanagement, the company had to declare bankruptcy.

2. Bankrupt (verb):

   To become bankrupt; to be unable to pay one's debts.

   Example sentence: His failed business venture caused him to go bankrupt.

3. Bankrupt (adjective):

   Referring to a person or organization that is insolvent, unable to meet their financial obligations.

   Example sentence: The bankrupt corporation left its employees in a state of uncertainty.

4. Bankruptcies (plural noun):

   Multiple instances of bankruptcy.

   Example sentence: The economic recession resulted in numerous bankruptcies across the country.

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