bankruptcy
Pronunciation
Noun
B1 Intermediate
Quick answer
The legal state of being unable to pay debts, often resulting in a court taking control of a person's or company's assets.
Synonyms and antonyms
Synonyms
insolvency
Antonyms
solvency
Usage notes
"File for bankruptcy" is the standard legal phrase used when a person or company formally declares this status.
Test yourself
Which word fits the gap? "The company filed for _____ after years of falling sales."
Answer: bankruptcy
In your own words, what does "bankruptcy" mean?
The legal state of being unable to pay debts, often resulting in a court taking control of a person's or company's assets.
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