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bankruptcy

Word family
Related topics: Business
bank·rupt·cy /ˈbæŋkrʌptsi/ ●●○ noun (plural bankruptcies)  
1 [countableC, uncountableU]BMONEY the state of being unable to pay your debts 破产;倒闭 SYN insolvency
 In 1999 it was revealed that he was close to bankruptcy.
1999年他被披露几近破产。
 When inflation rises, so do bankruptcies.
通货膨胀加剧,破产个案也会增加。
2 [uncountableU]NOT HAVE a total lack of a particular good quality 〔某种美德的〕欠缺;沦丧
 the moral bankruptcy of terrorism
恐怖主义的道德沦丧
Examples from the Corpus
From Longman Business Dictionary
bankruptcybank·rupt·cy /ˈbæŋkrʌptsi/ noun (plural bankruptcies) [countableC, uncountableU]
LAW when someone is judged to be unable to pay their debts by a court of law, and their assets are shared among the people and businesses that they owe money to
Many state-operated companies had experienced difficulties and some had faced bankruptcy.
The number of bankruptcies in the first half of the year soared by 60%.
When a person or a company does not have enough money or assets to pay their debts, they are insolvent. Informally, both an individual or a company can be described as bankrupt. In a strict legal sense, however, it can only be used to describe people, not companies in the UK. Administration is when a failing company is reorganized by an independent specialist with the aim of continuing some of its activities and avoiding liquidation (=a situation in which a company stops operating and its assets are sold to pay its debts). Receivership is when a company that does not have enough money to pay its debts is put under the control of a receiver (=someone who is chosen by a court of law to be in charge of a bankrupt company) who sells the company’s assets in order to pay creditors (=people or companies who are owed money) and closes the company.
In the US, bankrupt can be used as an informal or strict legal term to describe individuals or companies. The set of laws dealing with bankruptcy is the Bankruptcy Code. Two parts of the law that deal with the process by which companies officially become bankrupt are Chapter 11 and Chapter 7. Chapter 11 gives failing companies a period of time to reorganize, after which they must pay their creditors. Chapter 7 deals with the process of a bankrupt company going into liquidation.
act of bankruptcy discharge from bankruptcy involuntary bankruptcy trustee in bankruptcy voluntary bankruptcy
bank·rupt·cy noun
Chinese
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