bankruptcy
n.-
1 financial insolvency (n.) B2 Upper Intermediate Technical Lawthe legal state of a person or company that cannot pay the money they owe.
the legally declared state of being unable to meet financial obligations or pay debts. Often used with the verbs 'file for' or 'declare'.
ExampleThe small airline was forced to file for bankruptcy after fuel prices doubled.
ExampleAfter months of restructuring negotiations failed, the corporation finally declared bankruptcy to protect its remaining assets from creditors.
UsageCommonly follows the verbs 'file for', 'declare', or 'avoid'.
PitfallThe company went to bankruptcy last year.The company went bankrupt last year.Use the adjective 'bankrupt' after the verb 'go'. Use the noun 'bankruptcy' with 'file for' or 'declare'.
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2 lack of a quality (n.) C1 Advanced Formala complete lack of something good or useful, such as ideas or morals.
a total lack or exhaustion of a particular non-material resource or quality. Often used in the phrase 'moral bankruptcy'.
ExampleThe critic argued that the new film showed a total bankruptcy of original ideas.
ExampleThe scandal revealed a profound moral bankruptcy at the heart of the administration, leading to widespread calls for resignation.
UsageUsually followed by 'of' and an abstract noun like 'ideas', 'imagination', or 'morals'.
From bankrupt + -cy, replacing earlier bankruptship.