Oxford Business English Dictionary for Learners of English

without enough money to pay what you owe, especially when this has been officially decided by a court: a bankrupt software company о Her husband went bankrupt two years ago. о The company was declared bankrupt in the High Court. isyn] insolvent

О to go/be declared bankrupt

(formal) [not usually before noun] not having something that has value: a government bankrupt of new ideas

VOCABULARY BUILDING

When a company fails

Technical words

to be/go insolvent (= to be unable to pay debts)

to liquidate/wind up a company (= to sell its assets, pay its debts, etc.)

a company is put/goes into liquidation

Neutral Words

to be/go bankrupt

to go out of business

Informal/idiomatic words

a company

goes under

goes bust

® goes belly up

goes to the wall

verb [+' obj] [7]

to make sb bankrupt: The company was almost bankrupted by legal costs.

noun [C]

see also: undischarged bankrupt

{Law) a person who has been judged by a court to be unable tu pay their debts

bankruptcy /'baegkrAptsi; -rApsi/ noun [U,C] {plural bankruptcies)

see also: act of bankruptcy, assignee in involuntary trustee in voluntary ~

{Law) the state of being bankrupt: They would face bankruptcy if they had to repay the loan, о There could be farther bankruptcies among small farmers, о The company filed for bankruptcy (= asked to be officially banlaupt) earlier this year. -> insolvency, bankrupt

О to be on the brink of/be on the verge of/face bankruptcy * to be forced into/collapse into bankruptcy * to declare/file for/seek bankruptcy ♦ to avert/avoid/stave off bankruptcy ♦ a bankruptcy court/judge

bankruptcy-law pro tection = bankruptcy protection

'bankruptcy ,notice noun [c] {Law) an official letter that tells a person or company who owes money that if they do not pay it within a particular number of days, they will be made bankrupt

'bankruptcy .order noun [c] {Law) an order by a court that makes a person or

company officially bankrupt, and allows their property to be taken and used to pay their debts: The court made a bankruptcy order against the debtor.

'bankruptcy petition noun [c] {Law) a request made to a court by a person or company who is owed money to make the person or company that owes them money bankrupt: The High Court dismissed a bankruptcy petition filed against the company.

О to file/issue/present/serve a bankruptcy petition 'bankruptcy proceedings noun [pi ] (Law) the legal process of asking the court to make a person or company bankrupt

bankruptcy projection (also bankruptcy- law projection) noun [u]

{Law) laws that limit the amount that a person or company has to pay when they are made bankrupt

О to file for/seek bankruptcy protection ♦ to emerge from bankruptcy protection

'bank .statement (also 'statement) noun [c] a printed record of all the money paid into and out of a customer's bank account within a particular period: The monthly bank statement showed a balance of $400.

О to receive/request a bank statement ♦ an amount appears on/is shown on a bank statement

'bank .teller {also 'teller) noun [c] a person whose job is to receive and pay out money in a bank-> bank clerk, cashier

'bank .transfer noun [c] the sending of money from an account in one bank to an account in any branch of the same bank or another: You should allow five to seven working days for a bank transfer to be made, о Payment may be made by bank transfer to the following account... -> bank giro credit

to arrange/make a bank transfer ♦ to pay by bank transfer