Definition of Bankrupt. Meaning of Bankrupt. Synonyms of Bankrupt
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Definition of Bankrupt
BankruptBankrupt Bank"rupt, v. t. [imp. & p. p. Bankrupted; p. pr. &
vb. n. Bankrupting.]
To make bankrupt; to bring financial ruin upon; to
impoverish. BankruptBankrupt Bank"rupt, n. [F. banqueroute, fr. It. bancarotta
bankruptcy; banca bank (fr. OHG. banch, G. bank, bench) +
rotta broken, fr. L. ruptus, p. p. of rumpere to break. At
Florence, it is said, the bankrupt had his bench ( i.e.,
money table) broken. See 1st Bank, and Rupture, n.]
1. (Old Eng. Low) 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. --M?Culloch.
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.
Note: In England, until the year 1861 none but a ``trader'
could be made a bankrupt; a non-trader failing to meet
his liabilities being an ``insolvent'. But this
distinction was abolished by the Bankruptcy Act of
1861. The laws of 1841 and 1867 of the United States
relating to bankruptcy applied this designation
bankrupt to others besides those engaged in trade.
Meaning of Bankrupt from wikipedia
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