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bankruptcy /ˈbæŋkˌrʌptsi/  

  • noun
    plural -cies
    [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.
    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
    [count] :an occurrence in which a person, business, etc., goes bankrupt
    [noncount] :the condition of completely lacking a good or desired quality