BANKRUPTCY • DICTIONARY ONE.COM • Definition of Bankruptcy

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/bˈæŋkrəpsi/ /bˈæŋkrəptsi/ Listen

Bankruptcy

noun

(pl. bankruptcies)

A state of complete lack of some abstract property. "Moral bankruptcy" , "Intellectual bankruptcy"

Inability to discharge all your debts as they come due. Synonym: failure. "Fraudulent loans led to the failure of many banks"

A legal process intended to insure equality among the creditors of a corporation declared to be insolvent.

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Etymology of 'Bankruptcy'

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"Bankruptcy" Quotes from Famous Books

... district courts embraces criminal cases, admiralty cases, bankruptcy proceedings, suits for penalties, and the like. In general, the jurisdiction of cases formerly in the circuit courts was transferred to the district courts when the circuit ...

— Our Government: Local, State, and National: Idaho Edition • J.A. James

... by no other interference except its countenance or ill favor, as such banks severally observed or disregarded the ordinary rules of financial prudence. The immediate effect of the refusal of Congress to recharter the Bank of the United States was to bring the Treasury to the verge of bankruptcy. The interference of Parish, Girard, and Astor alone saved the credit of the government, and this interference was no doubt prompted by self-interest. That Mr. Astor was hostile to the bank is certain. Gallatin wrote to Madison in January, 1811, that ...

— Albert Gallatin - American Statesmen Series, Vol. XIII • John Austin Stevens

... they'd fight to defend me. God knows there are better men than we are that would be killed right and left if we stayed, and 'twould be no use, for the Gentile numbers would overpower us. 'Tain't no use. When I found to-day that there wasn't a chance of staving off the bankruptcy I sent Emmar and the children and Rigdon's folks off in a close waggon after sundown. Rigdon's rid off by another road, and I've got my horse ready and ought to be gone. And there ain't a man in Kirtland as will know which way we've gone by to-morrow, ...

— The Mormon Prophet • Lily Dougall

... on the verge of bankruptcy will do better to marry a poor and sensible wife than a rich and stupid one. Well, here we are at the tenth milestone. I will walk the remainder of the distance to Knollsea, as there is ample time ...

— The Hand of Ethelberta • Thomas Hardy

... had weathered a storm which at one time threatened to interfere seriously with its steady growth, and the year 1914 found it at a formidable climax of strength and efficiency. The war with Russia had left the nation on the verge of bankruptcy and the annual budgets from 1907 to 1910 contained no appropriations for naval increases. The lull in naval construction, however, was of short duration. The wisest statesmen realized, from the time when Japan first emerged from her Oriental ...

— The Story of the Great War, Volume III (of VIII) - History of the European War from Official Sources • Various

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