B2nounbusinessmoney
US/ˈbæŋk.rʌpt.si/
UK/ˈbæŋk.rʌpt.si/
the state of being legally unable to pay your debts
In context
The airline filed for bankruptcy after years of heavy losses.
Thousands of small shops faced bankruptcy during the pandemic.
Huge debts pushed the property developer to the brink of bankruptcy.
Words that go with bankruptcy
verb + preposition
- file for bankruptcyofficially ask a court to declare you unable to pay debtsThe airline filed for bankruptcy after losing millions during the crisis.
verb + noun
- declare bankruptcysay officially that you cannot pay your debtsThe owner had to declare bankruptcy when the bank demanded repayment.
- face bankruptcybe in danger of being unable to pay debtsMany small shops face bankruptcy because of rising rents.
noun + preposition
- brink of bankruptcyvery close to being unable to pay debtsThe factory was on the brink of bankruptcy before a new investor arrived.
noun + noun
- bankruptcy protectionlegal protection from creditors while a firm reorganizesThe retailer applied for bankruptcy protection to avoid closing all its stores.
Common mistakes
Incorrect:
The company was bankruptcy last year.Correct: The company went bankrupt last year.