Bankruptcy or insolvency; being unable to repay debts and undergoing legal procedures to settle assets, or the state of financial collapse.
彼の会社は経営不振で破産した。
His company went bankrupt due to poor management.
多額の借金で個人が破産を申請した。
An individual filed for bankruptcy because of large debts.
破産手続きには裁判所の関与が必要になることが多い。
Bankruptcy proceedings often require the involvement of a court.