This is the 1557th most frequent Dutch word.
faillissement
Bankruptcy.
Here, 'faillissement' refers to the act of officially declaring bankruptcy.
Het bedrijf ging faillissement aan nadat de inkomsten drastisch afnamen.
The company filed for bankruptcy after the income drastically decreased.
In this sentence, 'faillissement' is used in a general sense to discuss its implications.
Faillissement kan ernstige gevolgen hebben voor werknemers en leveranciers.
Bankruptcy can have serious consequences for employees and suppliers.
The word 'faillissement' is employed to describe the completed event of an entity going bankrupt.