bankrupts;bankrupted;bankrupting Britannica Dictionary definition of BANKRUPT [+ object] :to cause (a person, business, etc.) to be unable to pay debts:to make (someone or something) bankrupt Several risky dealsbankruptedthe company. 3bankrupt/ˈbæŋkˌrʌpt/noun ...
Define bankruptcy. bankruptcy synonyms, bankruptcy pronunciation, bankruptcy translation, English dictionary definition of bankruptcy. n. 1. The state of being bankrupt. 2. A legal proceeding that allows for a person or entity to be declared bankrupt. 3.
: officially recognized as bankrupt The company is now in bankruptcy.Examples of in bankruptcy in a Sentence Recent Examples on the Web Examples are automatically compiled from online sources to show current usage. Opinions expressed in the examples do not represent those of Merriam-Webster or ...
creditors are repaid for part of what they are owed; all other debts are discharged. InChapter 13, the person or company remains in debt, but payments are lowered,repayment periodsare extended, and the company remains in business. See also:Absolute priority rule,Chapter 9,Chapter 12, Chapter...
TheYassais a code of law created by Genghis Khan. In theYassacode, anybody who went bankrupt three times would face the death penalty. The first ‘Western’ statute dealing with bankruptcies and insolvencies was an Act that the Parliament of England passed in 1542....
If you make the wrong turn you’re bankrupt so fast you don’t know what hit you —George Morrow, quoted in New York Times, March 11, 1986 when his company went bankrupt See Also: DANGER Some businesses are like desert flowers. They bloom overnight, and they’re gone —George Morrow...
bankrupt and bankruptcy (or their equivalents in other languages) are used less and less frequently in the statutory language. Modern French legislation, for example, totally suppresses the traditional termfailliteas the name of liquidation proceedings and restricts it to special procedures entailing the...
2. A formal request by an individual or a business'creditorsto a bankruptcy court to declare bankruptcy and to requirerepaymentor restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy. ...
In Chapter 11, on the other hand, the filer reaches an agreement with lenders and creditors to renegotiate the terms of the loans so the bankrupt entity can more easily pay its debts without having to sell any assets. In virtually all cases, businesses that enter into Chapter 11 get to ke...
Bankruptcy is a legal status of a person or business that is unable to repay their debts. When a person or business declares bankruptcy, they are essentially saying that they cannot pay back their debts and are asking the court to help them. Similarly, the word "bankrupt" means that a per...