He started a business, but went bankrupt when the recession started.
The bank was declared insolvent.
Unfortunately sentences like these ones are quite common nowadays.
The word “bank” originally meant the same thing as “bench”. The Medieval Venetian banks were set up in main squares by men who both changed and lent money. The Italian word for bench or counter is “banco” from which the English word “bank” is derived.
What is the origin of the word BANKRUPT?
It was taken from the Italian expression banca rotta, which means “broken bench”.
When banking was developing in Italy, the open air markets were the original shopping centres where merchants would set up their businesses either on tables or benches. When a banker became insolvent- could no longer afford to stay in business- his bench was broken to symbolize that he was no longer welcome to do business with the other merchants.