Definition, Meaning & Synonyms
bancarrota
noun
/bæŋkəˈrəʊtə/
Definition
A state of financial failure in which an individual or business cannot pay their debts.
Examples
- After struggling for years, the company declared bancarrota and closed its doors for good.
- The family faced bancarrota due to excessive spending and unexpected medical bills.
Meaning
The term is used to describe the legal status of a person or organization that is unable to repay their outstanding debts.
Synonyms
- bankruptcy
- insolvency
- failure