Bankruptcy
Pronunciation: /ˈbæŋkrəpsiː/
Bankruptcy (noun)
- A legal situation when a person or business cannot pay its debts and a court decides how money will be handled.
- A serious failure of a business because it cannot earn enough money to pay what it owes.
Examples
- The company filed for bankruptcy after unpaid debts grew.
- Bankruptcy can happen when money problems become too serious.