Bankruptcy is a process where a person may be declared bankrupt which connotes inability to pay debts. A bankrupt is a person who has been declared by a court as being unable to pay his debts.

In some countries, such as the United Kingdom, a company cannot be declared bankrupt, but insolvent. Companies are legal entities and liability for debt remains within the company.
Join the community and submit your own definition.
Join the Community!

+ Define a Word


Balanced diet Balloon payment Bankruptcy Bar Barrister