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.
'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
'die Pleite' and 'der Konkurs' are both connected to financial insolvency. 'Pleite' is the colloquial word and is often used in everyday language, even when you are not talking about a specific legal procedure. 'Konkurs' is a legal and more official-sounding term for insolvency and the distribution of assets. Today, the usual legal term for this is 'Insolvenz' (insolvency). The words are easy to confuse because in everyday speech, people often simply call a bankruptcy 'Pleite'. But when it is about a court, a procedure, or official news, 'Konkurs' is more precise.
Nach vielen Verlusten ging das Unternehmen am Montag in Konkurs.
After many losses, the company went bankrupt on Monday.
Die Bäckerei musste wegen der hohen Miete Pleite anmelden.
The bakery had to file for bankruptcy because of the high rent.