Bankruptcy

Notice of closure attached to the door of a Computer Shop outlet the day after its parent company declared "bankruptcy" (strictly, put into administration) in the United Kingdom

Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, such as the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law. [1]

Etymology

The word bankruptcy is derived from Italian banca rotta, meaning "broken bank", which may stem from a widespread custom in the Republic of Genoa of breaking a moneychanger's bench or counter to signify his insolvency, or which may be only a figure of speech. [2] [3] [4] [5] [6]

Other Languages
العربية: إفلاس
azərbaycanca: Müflisləşmə
বাংলা: দেউলিয়া
Bân-lâm-gú: Phò-sán
беларуская: Банкруцтва
български: Банкрут
bosanski: Stečaj
català: Fallida
čeština: Úpadek
dansk: Konkurs
Deutsch: Bankrott
eesti: Pankrot
Ελληνικά: Πτώχευση
español: Quiebra
Esperanto: Bankroto
euskara: Bankarrota
فارسی: ورشکستگی
한국어: 파산
Հայերեն: Սնանկություն
हिन्दी: दिवाला
hrvatski: Stečaj
Bahasa Indonesia: Kebangkrutan
íslenska: Gjaldþrot
italiano: Bancarotta
עברית: פשיטת רגל
ಕನ್ನಡ: ದಿವಾಳಿತನ
қазақша: Банкрот
latviešu: Bankrots
Lëtzebuergesch: Bankrott
lietuvių: Bankrotas
magyar: Csőd
مصرى: افلاس
Bahasa Melayu: Kemuflisan
မြန်မာဘာသာ: ဒေဝါလီခံခြင်း
Nederlands: Faillissement
日本語: 倒産
norsk: Konkurs
norsk nynorsk: Konkurs
oʻzbekcha/ўзбекча: Bankrotlik
پښتو: دېوالي
polski: Upadłość
português: Falência
română: Faliment
Scots: Bankruptcy
Simple English: Bankruptcy
slovenčina: Bankrot
slovenščina: Stečaj
српски / srpski: Stečaj
srpskohrvatski / српскохрватски: Bankrot
suomi: Konkurssi
svenska: Konkurs
українська: Банкрутство
اردو: دیوالہ
ئۇيغۇرچە / Uyghurche: ۋەيران بولۇش
Tiếng Việt: Phá sản
粵語: 報窮
中文: 破產