A person, firm, or corporation that has been declared insolvent through a court proceeding and is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.

Use bankrupt in a sentence

You need to make sure that you do not ever borrow more than you can pay back so that you don't end up bankrupt.

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After my brother spent all of his company's money on luxury goods, his company could not pay its debts and had to go bankrupt.

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The company went bankrupt. They no longer had the funds needed to pay all their debts so they decided to file so they would no longer be responsible.

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adjustment bureau adjudicate