bankruptcy
UK: ˈbæŋkrʌptsi | US: ˈbæŋkrʌptsi
n. the state of being unable to pay one's debts and having one's financial affairs administered by a court
n. a situation of complete failure or ruin
bankrupt<broken financial state> + cy<noun suffix>
- bankrupt: Derived from Italian banca rotta (literally "broken bench"), referring to the medieval custom of breaking a moneylender's bench if they defaulted. The term evolved into bankrupt in English, combining bank (financial institution) and rupt (from Latin rumpere, "to break").
- cy: A noun-forming suffix indicating a state or condition (e.g., democracy, accuracy).
Etymology Origin:
The word bankruptcy traces back to the Italian practice of symbolically breaking a moneylender's bench (banca rotta) upon insolvency. Over time, bankrupt entered English as a term for financial failure, and the suffix -cy was added to denote the abstract state of being insolvent. The logic reflects a vivid historical image of economic collapse.
The company filed for bankruptcy after years of declining sales.
Many small businesses faced bankruptcy during the economic crisis.
His reckless spending led him to the brink of bankruptcy.
The law protects certain assets from being seized in bankruptcy.
The scandal caused a political bankruptcy of trust among voters.