Bankruptcy
/ˈbæŋ.krʌp.si/
Definitions
- (n.) A legal status of a person or entity unable to repay outstanding debts.
The company filed for bankruptcy after failing to secure new financing.
- (n.) The court process through which insolvent debtors are relieved from debts or undergo restructuring.
The bankruptcy proceedings lasted for several months before an agreement was reached.
Forms
- bankruptcies
Related terms
Commentary
Bankruptcy often involves complex procedural requirements; precise terminology varies by jurisdiction.
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.