This section is from the "A Complete Dictionary of Dry Goods" book, by George S. Cole. Also available from Amazon: A complete dictionary of dry goods and history of silk, cotton, linen, wool and other fibrous substances,: Including a full explanation of the modern processes ... together with various useful tables.
Bankrupt. The breaking up of a merchant's business, due to his inability to meet his obligations. In modern law, any person who upon his own petition or that of his creditors is adjudged insolvent by a bankruptcy court. His estate may be administered by an assignee or trustee under the direction of the court, for the benefit of his creditors.