bankruptcy
🇺🇸
/ˈbæŋkrʌptsi/
🇬🇧
/ˈbæŋkrʌptsi/
when a person or company cannot pay their debts and is legally declared unable to do so
The company declared bankruptcy because it could not pay its bills.
その会社は請求書を支払えなかったため、破産を宣言しました。