bankruptcy proceedings
noun[plural]
ukusLAW,FINANCE
thelegalprocessofbecomingofficiallybankrupt(=unabletopaywhat youowe):
ThecountyemergedfrombankruptcyproceedingsinJune.
Thecompanyhas beenunderChapter11bankruptcyproceedingssinceApril, when itfiledtoreorganizefor the secondtimein threeyears.