noun
adjudication of bankruptcy
Legal term for a court's formal declaration that a person or entity is bankrupt.
裁判所はその会社に破産宣告を下した。
The court issued an adjudication of bankruptcy against the company.
破産 is the state of bankruptcy itself, while 破産宣告 is the formal legal declaration of that state by a court.
Compound of 破産 (bankruptcy) and 宣告 (declaration, pronouncement).