bankruptcy
noun
- legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts
Wiktionary
Pronunciation: /ˈbæŋ.kɹʌp(t).si/ / /ˈbæŋkˌɹʌp(t).si/ / /ˈbæŋk.ɹəp(t).si/
noun
Etymology: From bankrupt + -cy, replacing earlier bankruptship.
- A legally declared or recognized condition of insolvency of a person or organization.
“The company ended up filing for bankruptcy.”
“He declared that these drastic steps would undoubtedly inconvenience a good many people, but the alternative was bankruptcy of the Ulster Transport Authority and the breakdown of public transport services.”
- A rule in Tycoon where if the top player does not get first place that round, they instantly get last place