Bankruptcy Meaning and Definition in Dictionary
Definitions from Wordnet 2.0
- a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy
- inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
- a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
Definitions from Wiktionary
- a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy" ,
- inability to discharge all your debts as they come due; "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks" ,
- a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
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Bankruptcy Meaning and Definition in Wikipedia
Bancruptcy is when someone or an organisation does not have enough money to pay all of its debt is insolvent. If it applies for protection by law it may then be bankrupt.
In many countries a company or business can "file for bankruptcy protection" so that creditors cannot destroy all of the physical capital and goodwill by breaking it apart and moving it away. All this provides is more time to work out a new deal between the owners and the people the business owes money.
An individual person who owes debt and cannot pay it can also "declare bankruptcy". That person will lose all but some basic things they own, but all the debt will go away. Normally they cannot easily borrow money again for years.
Very often, a creditor threatens a debtor with debt slavery, if the debtor does not know that they have a right to go bankrupt. This is a human rights problem in very many countries. Also, some creditors continue to bother a debtor even though bankruptcy laws say they should not, hoping that the debtor will pay them money they might not otherwise get.
Words and phrases related to 'Bankruptcy'
Bankruptcy Sample Sentences in News
- U.S. SEC slams tycoon Wyly's bankruptcy budget as 'staggering'
Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. During a hearing in Dallas bankruptcy court, a lawyer for the SEC criticized Wyly's proposed budget as "staggering." Items include $32,000 a month for assistants to help him write his books and nearly $7,000 a mon Read more on this news related to 'Bankruptcy'
- Detroit can survive after bankruptcy but large risks loom: expert
By Karen Pierog DETROIT (Reuters) - Detroit's relatively fast move through municipal bankruptcy has resulted in costly creditor settlements and too little emphasis on fixing the city's broken operations, a restructuring expert testified in U.S. Bankruptcy Court on Wednesday. Still, Martha Kopacz, who was appointed by Judge Steven Rhodes to assess the viabi Read more on this news related to 'Bankruptcy'
- Judge drops hints as Detroit bankruptcy case nears finish line
By Karen Pierog DETROIT (Reuters) - The U.S. judge overseeing Detroit's historic bankruptcy dropped hints on Tuesday on what he wants to hear in the city's closing statements and what he may be scrutinizing in creditor settlements. The city's emergency manager also testified in federal court on Tuesday that a recent settlement with the last major holdo Read more on this news related to 'Bankruptcy'