bankrot
Bankrot is a term used in several Central and Eastern European languages to denote bankruptcy or the status of being insolvent. It can refer to a person, a company, or another entity that is unable to meet its financial obligations. In everyday speech, it is often used to describe someone who has failed financially, while in formal contexts it denotes a legal status recognized by a court or insolvency authority.
Etymology and variants: The word derives from historic practices surrounding mercantile debt, with cognates such as
Legal concept and procedures: In jurisdictions that use the term, insolvency is typically declared after a
Consequences and scope: Being declared bankrot usually affects the debtor’s rights to manage assets, imposes restrictions
Notes: Bankrot remains primarily a legal term in many languages, but in everyday language it may be