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
Would you like to add your own explaination to this word 'Bankruptcy'?
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
- Bankruptcy wrangling for ex-Trump, Revel casinos
Some of the hottest action in Atlantic City involves closed casinos in bankruptcy court, where Donald Trump is trying to recoup rent he paid on a driveway leading to the former Trump Plaza casino, and ... Read more on this news related to 'Bankruptcy'
- Questions, Answers About Detroit's Bankruptcy
Q&A: Detroit's bankruptcy plan is set but a flight to solvency hasn't left the runway yet Read more on this news related to 'Bankruptcy'
- Aereo Files for Bankruptcy and (Almost) Declares Defeat
Aereo filed for Chapter 11 bankruptcy protection, yet still says it sees a potential path to profitability Read more on this news related to 'Bankruptcy'