/bænkrʌptsi/ – Noun
Definition: sự phá sản, sự mất khả năng chi trả, sự vỡ nợ.
A more thorough explanation: Bankruptcy is a legal status of a person or entity that is unable to repay debts owed to creditors. It is typically initiated by the debtor and results in the debtor’s assets being managed and distributed to creditors by a court-appointed trustee in order to satisfy the debts.
Example: After accumulating significant debt, the company had no choice but to file for bankruptcy protection.