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go bankrupt
/ˈɡoʊ ˈbæŋkrʌpt/◆phrasal verb
to become insolvent
The company went bankrupt after losing its major clients.
The company became insolvent and had to close down.
Finance
formal
To become insolvent or unable to pay debts, often leading to liquidation or reorganization.
After years of financial mismanagement, the firm went bankrupt.
The company became unable to pay its debts and had to shut down.
Many small businesses went bankrupt during the economic crisis.
Numerous small companies became insolvent due to the economic downturn.
This term is often used in legal and financial contexts to describe the formal process of insolvency.
Collocations
go bankrupt overnightto become insolvent very quicklygo bankrupt due toto become insolvent because of a specific reason
Related Phrases
Pro Tip
Formal vs. Informal Use
Use 'go bankrupt' in formal contexts such as business reports or legal discussions. In informal settings, you might say 'go under' or 'fail financially.'
Gold Rule
Legal Implications
Going bankrupt is a legal process with significant consequences, including the loss of assets and creditworthiness.
Word Origin
The phrase 'go bankrupt' originates from the legal term 'bankruptcy,' which comes from the Italian 'banca rotta,' meaning 'broken bench.' In medieval times, a merchant's bench or table (banca) was broken when they were unable to pay their debts.
Usage Notes
This phrase is commonly used in financial and business contexts to describe a company or individual's inability to pay debts. It can also be used metaphorically to describe a situation where something fails completely.
Word Breakdown
go
to move or proceed
verbbankrupt
financially ruined or insolvent
adjectiveEnglish Dictionary