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Definitions from the Web

Bankruptcy

Noun:

A legal process in which an individual or business declares inability to pay debts, and their assets are managed and distributed among creditors.

Sample sentence:

After accumulating massive amounts of debt, the company had no other choice but to file for bankruptcy.

Adjective:

Referring to a condition of being bankrupt; having been legally declared insolvent.

Sample sentence:

Due to the bankruptcy status of the business, it became difficult for them to secure any loans.

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