DictionaryAI

bankruptcy

noun
USBANGK-rupt-see/ˈbæŋk.ɹʌp(t).si/SayBANG-krupt-seeUK/ˈbæŋ.kɹʌp(t).si/AUS/ˈbæŋ.kɹɐp(t).si/

Pluralbankruptcies

1 meaning of bankruptcy

Practice

  1. 1
    nouncountable or uncountable
    A legally declared or recognized condition in which a person or organization is unable to pay its debts.

    The airline filed for bankruptcy after years of mounting losses.

    Personal bankruptcy can stay on a credit report for several years.

    Similarinsolvency

    Oppositesolvency

    Note

    A legal status rather than a bare financial fact: insolvency is being unable to pay, while bankruptcy is that inability declared or recognized in law. The usual construction is filing for bankruptcy, as a company or a person does. It is both a condition and a countable event, so a year can bring many bankruptcies. Formed from bankrupt plus -cy, it displaced the older bankruptship.

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Origin

Formed from "bankrupt" plus the suffix "-cy", it replaced the earlier word "bankruptship".