bank·rupt·cy 
/ˈbæŋkˌrʌptsi/ noun
plural bank·rupt·cies /ˈbæŋkˌrʌptsi/ noun 1 a [noncount] : the condition of being bankrupt : a condition of financial failure caused by not having the money that you need to pay your debts
▪ The company is facing bankruptcy. ▪ The company filed for bankruptcy [=officially asked to be legally recognized as bankrupt] in July. ▪ He declared bankruptcy. [=formally said that he was bankrupt in a legal document] ▪ The company is now in bankruptcy. [=has been officially recognized as bankrupt] ▪ The company was forced into bankruptcy. — often used before another noun ▪ bankruptcy court/law ▪ a bankruptcy judge/lawyer
b [count] : an occurrence in which a person, business, etc., goes bankrupt
▪ The number of bankruptcies was especially high last year. 2 [noncount] : the condition of completely lacking a good or desired quality
▪ Critics view the decision as an example of moral/ethical bankruptcy on the part of the administration.
▪ The company is facing bankruptcy. ▪ The company filed for bankruptcy [=officially asked to be legally recognized as bankrupt] in July. ▪ He declared bankruptcy. [=formally said that he was bankrupt in a legal document] ▪ The company is now in bankruptcy. [=has been officially recognized as bankrupt] ▪ The company was forced into bankruptcy. — often used before another noun ▪ bankruptcy court/law ▪ a bankruptcy judge/lawyer
b [count] : an occurrence in which a person, business, etc., goes bankrupt
▪ The number of bankruptcies was especially high last year.
▪ Critics view the decision as an example of moral/ethical bankruptcy on the part of the administration.
