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Bankruptcy
01
a situation in which a person or business is unable to pay due debts
02
a state of complete lack of some abstract property
03
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
Example
The CEO's decisive action saved the company from bankruptcy.
The company is near bankruptcy.
We are staring bankruptcy in the face.
The court-appointed trustee sequestered the company's assets during the bankruptcy proceedings.
The scandal took the company to the brink of bankruptcy.
