Het faillissement
Example: Het bedrijf vroeg faillissement aan vanwege schulden.
Definition
"Het faillissement" refers to the legal status of a business or individual that is unable to pay their debts, resulting in a formal declaration of insolvency by a court. It involves the liquidation or restructuring of assets to satisfy creditors.
Etymology
The term "het faillissement" comes from the French word 'faillite,' which means failure or bankruptcy. It entered Dutch legal vocabulary through historical financial and legal exchanges, reflecting the economic consequences of business failure.
Learn to use this word actively
"Het faillissement" appears in the Vocaplus list "Dutch - Entrepreneurship - (A1-C2) - set 1", containing 109 commonly used words.
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