bankrupt, adj. Indebted beyond the means of payment; insolvent. ¡ª Also spelled (archaically) bankerout; bankrout. ¡ª bankrupt, vb.

bankrupt, n.

1. A person who cannot meet current financial obligations; an insolvent person. ? This term was used in bankruptcy statutes until 1979, and is still commonly used by nonbankruptcy courts. But the Bankruptcy Code uses debtor instead of bankrupt.

2. DEBTOR(2).

cessionary bankrupt. Archaic. A person who forfeits all property so that it may be divided among creditors. ? For the modern near-equivalent, see CHAPTER7. [Cases: Bankruptcy 2221. C.J.S. Bankruptcy ¡ì 45.]

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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.