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11:13 May 24, 2005
English to English translations [PRO] Other
English term or phrase:bankrupt
If acompany lost a lot of money and cannot maintain normal operation. Then it was bought by another man and the former boss and former staff left the company. After that it has operated at a much smaller scale with the new boss and his new staffl but still maintaining its former name.
How to describe this process. Can we say the company went bankrupt? But it still exists. :-)
Explanation: As you explain it, it is not clear whether the company actually went bankrupt or not. Bankruptcy is a legal procedure which the company would have to go through to avoid payment of its debts. But it could have sold out to someone else before reaching this stage, in which case I would say it was taken over.