Bankrupt : adjective & noun : (person or company) which has been declared by a court not to be capable of paying its debts and whose affairs are put into the hands of a receiver
• He was adjudicated or declared bankrupt.
• A bankrupt property developer
• He went bankrupt after two years in business.
Certificated Bankrupt : bankrupt who has been discharged from bankruptcy with a certificate to show he was not at fault
Discharged Bankrupt : person who has been released from being bankrupt because he has paid his debts
Undischarged Bankrupt : person who has been declared bankrupt and has not been released from that state
Bankrupt : verb : to make someone become bankrupt
• The recession bankrupted my father.
Bankruptcy : noun : state of being bankrupt
• The recession has caused thousands of bankruptcies.
Adjudication of Bankruptcy or Declaration of Bankruptcy : legal order making someone bankrupt : discharge in bankruptcy being released from bankruptcy after paying debts
To file a petition in bankruptcy : to apply officially to be made bankrupt or to ask officially for someone else to be made bankrupt
