adjective
in a state of having been legally declared incapable of paying off one’s debts and having one’s assets administered by a court to compensate creditors.
After years of struggling and being unable to pay back investors, the small company went bankrupt.
noun
in law, a debtor who by his own petition or petition by others is legally declared incapable of meeting debts and whose assets are administered by a court for his creditors’ benefit.