bankruptcy
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bankruptcy
The legally established inability of a company or private individual to pay debts, leading to the liquidation and distribution of assets to creditors. The official legal term today is 'Insolvenz' (insolvency).
Die traditionsreiche Baufirma musste nach einem geplatzten Großprojekt Konkurs anmelden.
The long-established construction company had to file for bankruptcy after a major project fell through.
to go bankrupt
To declare one's inability to pay debts and initiate insolvency proceedings.
Es ist traurig, dass so viele kleine Buchläden in den letzten Jahren in Konkurs gegangen sind.
It is sad that so many small bookshops have gone bankrupt in recent years.
'Konkurs' is often combined with certain verbs that describe the process. Typical expressions are 'Konkurs anmelden' (to file for bankruptcy), 'Konkurs beantragen' (to apply for bankruptcy), or, colloquially, 'Konkurs machen' (to go bankrupt).
Der Geschäftsführer musste für seine Firma Konkurs anmelden.
The managing director had to file for bankruptcy for his company.
The expression 'in Konkurs gehen' functions like a fixed verb. It means that a company becomes insolvent and has to stop operating.
Wegen der hohen Mieten sind viele Geschäfte in der Innenstadt in Konkurs gegangen.
Because of the high rents, many shops in the city center have gone bankrupt.
The term 'Konkurs' is frequently used in everyday language and in the media. In legal and official contexts, however, the word 'Insolvenz' (insolvency) is usually used today.
Die Zeitung berichtete über den Konkurs der großen Warenhauskette.
The newspaper reported on the bankruptcy of the large department store chain.
bankruptcy / flop
Pleite and Konkurs both refer to the financial collapse of a person or company. Pleite is the colloquial description of a state, whereas Konkurs is older, regional, and more strongly associated with an official legal procedure. Pleite is usually more appropriate in everyday speech, while Konkurs is more suitable in legally oriented statements.
Wegen der unbezahlten Rechnungen wurde über die kleine Firma Konkurs eröffnet.
Because of the unpaid bills, bankruptcy proceedings were opened against the small company.
Nach vielen unbezahlten Rechnungen war die kleine Firma pleite.
After receiving many unpaid bills, the small company went bankrupt.
