The bankruptcy
Example: Bankruptcy occurs when business cannot pay its debts
Definition
"Bankruptcy" is a legal status indicating that a business or individual cannot repay outstanding debts. It typically involves a formal process where assets are evaluated and used to satisfy creditors, often leading to the reorganization or liquidation of the business.
Etymology
The word "bankruptcy" comes from the Italian phrase 'banca rotta,' meaning 'broken bench.' This referred to a practice in medieval times where moneylenders' benches were broken to signify their insolvency. Over time, it evolved into the term used today for financial failure.
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"The bankruptcy" appears in the Vocaplus list "English - Entrepreneurship - (A1-C2) - set 1", containing 110 commonly used words.
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