bankrupt

The story

Partial calque of Italian bancarotta (literally “a broken bench”), from banca (“bank”, literally “bench”) + rotta (“broken, rupted”), which refers to an out-of-business bank, having its bench physically broken, signifying that the working moneylender was insolvent.

First known use, by meaning

• from 1565 In a condition of bankruptcy; unable to pay outstanding debts or meet financial obligations; specifically, having been legally declared insolvent.
• from 1567 Destitute of, or wholly lacking a good quality, value, etc. one should possess or once possessed.