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
- Stockton bankruptcy ruling will decide fate of public pensions
In a closely watched case, a federal judge on Thursday is expected to decide whether the bankrupt city of Stockton can continue to pay employees generous pensions that soon could consume one-fifth of municipal revenues. Read more on this news related to 'Bankruptcy'
- Bankruptcy judge to rule on Energy Future's Oncor unit sale Nov. 3
A bankruptcy judge will rule next week if Energy Future Holdings Corp, a bankrupt Texas power company, can conduct an auction for its power distribution business, which is likely worth billions of dollars. "I believe the record is sufficiently dense and the issues sufficiently important that I need some time to digest that and make a reasoned ruling," sa Read more on this news related to 'Bankruptcy'
- Detroit trial ends, judge to rule Nov. 7 on bankruptcy plan
By Lisa Lambert DETROIT (Reuters) - Detroit on Monday wrapped up its historic bankruptcy case, which began with contentious opposition from creditors and ended with eleventh-hour deals enabling the city to shed $7 billion of its $18 billion of debt and obligations. In closing arguments, attorneys for the city and others worked to convince U.S. Bankruptcy Judge Ste Read more on this news related to 'Bankruptcy'