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1(of a person or organization) declared in law unable to pay outstanding debts:the company was declared bankrupt his father went bankrupt and the family had to sell their home impoverished or depleted:a bankrupt country with no natural resources 2completely lacking in a particular quality or value:their cause is morally bankrupt
a person judged by a court to be insolvent, whose property is taken and disposed of for the benefit of creditors.
verb [with object]
reduce (a person or organization) to bankruptcy:the strike nearly bankrupted the union