A bankrupt firm goes into administration or liquidation in BrE; in AmE it goes bankrupt, or files for Chapter 7 (liquidation) or Chapter 11 (reorganisation), both of which refer to the legal authority under which bankruptcy is commenced. An insolvent individual or partnership goes bankrupt in both BrE and AmE.
A bankrupt firm goes into administration or liquidat!ion in BrE; in AmE it goes bankrupt, or files for Chapter 7 (liquidation) or Chapter 11 (reorganisation), both of which refer to the legal authority ?under which bankruptcy is commenced. An insolvent individual or partnership goes bankrupt in both BrE and AmE.