a debtor, who has volunteered or been forced to appear before a Bankruptcy Court and has been judged insolvent, because s/he has insufficient assets to meet the demands of all creditors. Glossary of Business Terms

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I. bankrupt bank‧rupt 1 [ˈbæŋkrʌpt] adjective
LAW FINANCE not having enough money to pay your debts:

• Many people would lose their jobs if the firm were to go bankrupt.

• He was declared bankrupt at London's High Court yesterday.

  [m0] II. bankrupt bankrupt 2 noun [countable]
LAW someone judged to be unable to pay their debts by a court of law, and whose financial affairs are handled by a court official until the debts are settled
cerˌtificated ˈbankrupt LAW
someone who has been officially declared bankrupt by a court of law
disˌcharged ˈbankrupt LAW
someone who has been declared bankrupt in the past but has obeyed the orders of the court and can now do business again
ˌundischarged ˈbankrupt LAW
someone who has been declared bankrupt and who is not yet allowed by the court to stop paying money back or to do business:

• The Court heard that one of the directors had acted while an undischarged bankrupt.

  [m0] III. bankrupt bankrupt 3 verb [transitive] FINANCE
to make a person, business, or country go bankrupt:

• The new legislation would help restore pride in farming without bankrupting farmers in the process.

* * *

bankrupt UK US /ˈbæŋkrʌpt/ adjective LAW, FINANCE
unable to pay what you owe, and having control of your financial matters given, by a court of law, to a person who sells your property to pay your debts: be/go bankrupt »

He went bankrupt after only a year in business.

declare sb bankrupt »

She was officially declared bankrupt last week.

bankrupt UK US /ˈbæŋkrʌpt/ noun [C] LAW, FINANCE
a person who is officially bankrupt: »

He was declared a bankrupt in 2007.

See also DISCHARGED BANKRUPT(Cf. ↑discharged bankrupt), UNDISCHARGED BANKRUPT(Cf. ↑undischarged bankrupt)
bankrupt UK US /ˈbæŋkrʌpt/ verb [T] LAW, FINANCE
to cause someone to become bankrupt: »

They feared that the losses they had sustained in the hurricane would bankrupt them.

Financial and business terms. 2012.

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Look at other dictionaries:

  • bankrupt — bank·rupt 1 / baŋ ˌkrəpt/ n: a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor s creditors was adjudicated a bankrupt see also debtor bankrupt 2 adj:… …   Law dictionary

  • bankrupt — [baŋk′rupt΄, baŋk′rəpt] n. [Fr banqueroute < It banca rotta < banca, bench (see BANK1) + rotta, broken < L rupta, fem. pp. of rumpere, to break: see RUPTURE] 1. a person legally declared unable to pay his or her debts: the property of a… …   English World dictionary

  • Bankrupt — Bank rupt, a. 1. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one s debts; as, a bankrupt merchant. [1913 Webster] 2. Depleted of money; not having the means of meeting pecuniary liabilities; …   The Collaborative International Dictionary of English

  • Bankrupt — Bank rupt, n. [F. banqueroute, fr. It. bancarotta bankruptcy; banca bank (fr. OHG. banch, G. bank, bench) + rotta broken, fr. L. ruptus, p. p. of rumpere to break. At Florence, it is said, the bankrupt had his bench (i.e., money table) broken.… …   The Collaborative International Dictionary of English

  • bankrupt — ► ADJECTIVE 1) declared in law unable to pay one s debts. 2) completely lacking in a particular good quality or value: morally bankrupt. ► NOUN ▪ a person legally declared as bankrupt. ► VERB ▪ reduce to a bankrupt state. DERIVATIVES …   English terms dictionary

  • Bankrupt — Bank rupt, v. t. [imp. & p. p. {Bankrupted}; p. pr. & vb. n. {Bankrupting}.] To make bankrupt; to bring financial ruin upon; to impoverish. [1913 Webster] …   The Collaborative International Dictionary of English

  • bankrupt — 1530s (n., bankrupt person ); 1560s (adj.), from It. banca rotta, lit. a broken bench, from banca moneylender s shop, lit. bench (see BANK (Cf. bank) (1)) + rotta broken, defeated, interrupted from (and remodeled on) L. rupta, fem. pp. of rumpere …   Etymology dictionary

  • bankrupt — the entity that files a bankruptcy; the debtor; the insolvent entity. This is a non technical term and is not used in the Bankruptcy Code (Glossary of Common Bankruptcy Terms) A person who has made an assignment or against whom a receiving order… …   Glossary of Bankruptcy

  • bankrupt — vb impoverish, exhaust, *deplete, drain Analogous words: denude, *strip, bare: sap, cripple, disable, undermine (see WEAKEN) …   New Dictionary of Synonyms

  • bankrupt — [adj] unable to pay debts broke, depleted, destitute, exhausted, failed, impoverished, in Chapter 11*, insolvent, lacking, lost, out of business, ruined, spent, tapped out; concept 334 Ant. rich, solvent, wealthy …   New thesaurus

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