Bankrupt
/ˈbæŋkrʌpt/
Definitions
- (adj.) Unable to pay debts and declared insolvent by a court.
The company was declared bankrupt after failing to meet its financial obligations.
- (n.) A person or entity legally declared unable to pay debts.
The bankrupt was required to liquidate assets to satisfy creditors.
Forms
- bankrupted
- bankrupting
- bankrupts
Related terms
See also
Commentary
Often used as both adjective and noun in legal contexts; precision is crucial when drafting to distinguish status from proceedings.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.