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
- Indiana Toll Road operator files for bankruptcy
A judge and creditors will have to decide who runs the Indiana Toll Road after the highway's private operator filed for bankruptcy protection, formally acknowledging that it couldn't afford the debt from ... Read more on this news related to 'Bankruptcy'
- The Wall Street Journal: Indiana toll-road operator files for bankruptcy
The debt-stricken operator of an Indiana Toll Road filed for bankruptcy protection with a plan to restructure some $6 billion in debt. Read more on this news related to 'Bankruptcy'
- Detroit art museum will sue if city's bankruptcy plan not approved
By Lisa Lambert DETROIT (Reuters) - The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday. When Detroit filed for the largest-ever U.S. municipal bankruptcy 14 months ago, the museum began pr Read more on this news related to 'Bankruptcy'