One of the mysteries of the English language finally explained.
1‘the bank was declared insolvent’
bankrupt, unable to pay one's debts, ruined, collapsed, defaulting, liquidated, wiped out
penniless, impoverished, penurious, impecunious, without a sou
British in the hands of the receivers, in receivership, in administration, without a penny, without a penny to one's name
informal bust, broke, flat broke, belly-up, gone under, gone to the wall, on the rocks, in the red, hard up, strapped for cash
British informal skint, in Queer Street, stony broke, cleaned out, without two pennies to rub together
British dated, informal in Carey Street
rare pauperized, beggared
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