the entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.
English
Etymology
From Italian banca rotta, which refers to an out-of-business bank, having its bench physically broken. When a moneylender in Northern Italy became insolvent, they would break the bench they worked from to signify that they were no longer in business. (Can this
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