One of the mysteries of the English language finally explained.
(of a company) cease to meet its financial obligations as a result of insolvency or insufficient funds.
- ‘It followed that the debt, evidenced by the receipt, had not matured when the merchant suspended payment.’
- ‘Wracked by civil wars, Mexico suspended payment on its international loans in 1861 and in retaliation a joint Anglo-Spanish-French force seized Vera Cruz.’
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