Subject + 面临 / 宣布 + 破产
破产 (pòchǎn) means "bankrupt" or "to go bankrupt" and describes the state of being unable to pay debts. It can function as both a verb and an adjective in Chinese. A common collocation is 面临破产, meaning "to face bankruptcy."
那家公司因为经营不善已经破产了。
nà jiā gōngsī yīnwèi jīngyíng bù shàn yǐjīng pòchǎn le.
That company has already gone bankrupt due to poor management.
他投资失败,现在面临破产。
tā tóuzī shībài, xiànzài miànlín pòchǎn.
His investment failed, and he is now facing bankruptcy.
很多小企业在经济危机中破产了。
Hěn duō xiǎo qǐyè zài jīngjì wēijī zhōng pòchǎn le.
Many small businesses went bankrupt during the economic crisis.