Etymology : modification of Middle French and Old Italian; Middle French banqueroute bankruptcy, from Old Italian bancarotta, from banca bank + rotta broken, from Latin rupta, feminine of ruptus, past participle of rumpere to break; more at BANK, REAVE
Pronunciation : 'ba[ng]-(")kr&pt
Function : noun
Date : 1533
1. one who was unable to repay debts and whose property has been divided among his creditors. make bankrupt, ruin financially; go bankrupt, go broke. lacking, deficient; insolvent, unable to pay one's debts. bankrupt\bank"rupt\, a.
2. being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
3. depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
4. relating to bankrupts and bankruptcy.
5. destitute of, or wholly wanting (something once possessed, or something one should possess). "bankrupt in gratitude."bankrupt law, a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. see:
insolvent, a.bankrupt \bank"rupt\ , n. [f. banqueroute, fr. it. bancarotta bankruptcy; banca bank (fr. ohg. banch, g. bank, bench) + rotta broken, fr. l. ruptus, p. p. of rumpere to break. at florence, it is said, the bankrupt had his bench ( i.e., money table) broken. see:
1st bank, and rupture, n.].
6. (old eng. low) a trader who secretes himself, or does certain other acts tending to defraud his creditors.
7. a trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.
8. (law) a person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities.note: in england, until the year 1861 none but a "trader" could be made a bankrupt; a non-trader failing to meet his liabilities being an "insolvent". but this distinction was abolished by the bankruptcy act of 1861. the laws of 1841 and 1867 of the united states relating to bankruptcy applied this designation bankrupt to others besides those engaged in trade.bankrupt \bank"rupt\, v. t. [imp. & p. p. bankrupted; p. pr. & vb. n. bankrupting.] to make bankrupt; to bring financial ruin upon; to impoverish.bankrupt financially ruined; "a bankrupt company" someone who has insufficient assets to cover their debts [syn: insolvent] reduce to bankruptcy; "my daughter's fancy wedding is going to break me!" [syn: ruin, break].
9. A trader who secretes himself, or does certain other acts tending to defraud his creditors.
10. A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.
11. A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities.
12. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
13. Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
14. Relating to bankrupts and bankruptcy.
15. Destitute of, or wholly wanting.
16. To make bankrupt; to bring financial ruin upon; to impoverish. someone who has insufficient assets to cover their debts reduce to bankruptcy; "My daughter's fancy wedding is going to break me!"; "The slump in the financial markets smashed him" financially ruined; "a bankrupt company"; "the company went belly-up".
17. 1. People or organizations that go bankrupt do not have enough money to pay their debts. If the firm cannot sell its products, it will go bankrupt He was declared bankrupt after failing to pay a £114m loan guarantee. = insolvent.
18. To bankrupt a person or organization means to make them go bankrupt. The move to the market nearly bankrupted the firm and its director.
19. A bankrupt is a person who has been declared bankrupt by a court of law.
20. emphasis If you say that something is bankrupt, you are emphasizing that it lacks any value or worth. He really thinks that European civilisation is morally bankrupt. to make a person, business, or country bankrupt or very poor = ruin.