a debtor, who has volunteered or been forced to appear before a Bankruptcy Court and has been judged insolvent, because s/he has insufficient assets to meet the demands of all creditors. Glossary of Business Terms
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▪ I. bankrupt bank‧rupt 1 [ˈbæŋkrʌpt] adjective
• Many people would lose their jobs if the firm were to go bankrupt.
• He was declared bankrupt at London's High Court yesterday.
[m0] ▪ II. bankrupt bankrupt 2 noun [countable]
LAW someone judged to be unable to pay their debts by a court of law, and whose financial affairs are handled by a court official until the debts are settled
cerˌtificated ˈbankrupt LAW
someone who has been officially declared bankrupt by a court of law
disˌcharged ˈbankrupt LAW
someone who has been declared bankrupt in the past but has obeyed the orders of the court and can now do business again
ˌundischarged ˈbankrupt LAW
someone who has been declared bankrupt and who is not yet allowed by the court to stop paying money back or to do business:
• The Court heard that one of the directors had acted while an undischarged bankrupt.
to make a person, business, or country go bankrupt:
• The new legislation would help restore pride in farming without bankrupting farmers in the process.
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Ⅰ.
bankrupt UK US /ˈbæŋkrʌpt/ adjective LAW, FINANCE
► unable to pay what you owe, and having control of your financial matters given, by a court of law, to a person who sells your property to pay your debts: be/go bankrupt »
He went bankrupt after only a year in business.
declare sb bankrupt »She was officially declared bankrupt last week.
Ⅱ.
bankrupt UK US /ˈbæŋkrʌpt/ noun [C] LAW, FINANCE
► a person who is officially bankrupt: »
He was declared a bankrupt in 2007.
→ See also DISCHARGED BANKRUPT(Cf. ↑discharged bankrupt), UNDISCHARGED BANKRUPT(Cf. ↑undischarged bankrupt)
Ⅲ.
bankrupt UK US /ˈbæŋkrʌpt/ verb [T] LAW, FINANCE
► to cause someone to become bankrupt: »
They feared that the losses they had sustained in the hurricane would bankrupt them.
Financial and business terms. 2012.