/dɛkləˈreɪʃən ʌv bæŋkrəptsi/ – Phrase
Definition: tuyên bố phá sản.
A more throughout explanation: A declaration of bankruptcy is a legal process in which an individual or entity formally states that they are unable to repay their debts. This declaration is typically made in a court of law and initiates proceedings to resolve the individual’s or entity’s financial obligations through the liquidation of assets or the development of a repayment plan.
Example: The company filed for a declaration of bankruptcy in order to restructure its debts and financial obligations.