|1.||[ noun ] (finance) inability to discharge all your debts as they come due|
"the company had to declare bankruptcy" "fraudulent loans led to the failure of many banks"
|Related terms:||insolvency fail|
|2.||[ noun ] a state of complete lack of some abstract property|
"spiritual bankruptcy" "moral bankruptcy" "intellectual bankruptcy"
|3.||[ noun ] (law) a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy|
|Related terms:||proceeding law|