bankruptcy
- 01 B2 Upper Intermediate
the 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'.
Simple“The small airline was forced to file for bankruptcy after fuel prices doubled.”
In context“After 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'.
SynonymsAntonyms - 02 C1 Advanced
a 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'.
Simple“The critic argued that the new film showed a total bankruptcy of original ideas.”
In context“The 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'.
Synonyms
“I am a business school professor who has researched bankruptcies and whether, when you are at the end of your financial rope, bankruptcy helps or hurts.”
“Lack of funding pushed many colleges into bankruptcy and closing.”
From bankrupt + -cy, replacing earlier bankruptship.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.