Bankrupt

Definition of Bankrupt

Bank´rupt
n.1.(Old Eng. Law) A trader who secretes himself, or does certain other acts tending to defraud his creditors.
2.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.
3.(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.
a.1.Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
2.Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
3.Relating to bankrupts and bankruptcy.
4.Destitute of, or wholly wanting (something once possessed, or something one should possess).
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.
v. t.1.To make bankrupt; to bring financial ruin upon; to impoverish.
[imp. & p. p. Bankrupted; p. pr. & vb. n. Bankrupting.]

Related Words

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