bankruptcy
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bankruptcy
The financial insolvency of a person or company that is officially determined. Colloquially also called 'Pleite' (going broke).
Die Baufirma musste nach dem Wegfall großer Aufträge Bankrott anmelden.
The construction company had to file for bankruptcy after major contracts fell through.
The word comes from the Italian 'banca rotta', which means 'broken table'. It refers to the custom of smashing the table of an insolvent money changer.
Ohne neue Investoren steht die Firma kurz vor dem Bankrott.
Without new investors, the company is on the verge of bankruptcy.
In a financial context, 'Bankrott' (bankruptcy) is often combined with verbs such as 'anmelden' (to file for), 'machen' (to go bankrupt), or 'gehen' (to go bankrupt). You can also say 'vor dem Bankrott stehen' (to be on the verge of bankruptcy).
Viele kleine Geschäfte mussten während der Krise Bankrott gehen.
Many small shops had to go bankrupt during the crisis.
In the figurative sense, 'Bankrott' (failure/collapse) is often combined with an adjective that describes the area of failure, e.g., 'ein moralischer Bankrott' (a moral bankruptcy) or 'ein politischer Bankrott' (a political bankruptcy).
Seine Lügen waren der Beweis für seinen moralischen Bankrott.
His lies were proof of his moral bankruptcy.
bankruptcy / flop
'die Pleite' and 'der Bankrott' can both mean that a person or company is financially finished. 'Bankrott' sounds more precise and more serious, especially when it is about insolvency and official consequences. 'Pleite' is more colloquial and is often used more casually in everyday life. You can also say that an evening or a plan was 'eine Pleite' (a flop); 'Bankrott' only fits this in a figurative sense and then sounds stronger, for example with an idea or policy. The words are easy to confuse because 'Pleite' is often used as a casual word for 'Bankrott'. For official or serious texts, 'Bankrott' is usually more appropriate.
Der Bankrott der Firma wurde nach langen Verhandlungen bekannt gegeben.
The company's bankruptcy was announced after long negotiations.
Nach den schlechten Verkäufen stand der kleine Laden kurz vor der Pleite.
After the poor sales, the small shop was on the verge of bankruptcy.