defaulter

Definition

A person or entity that has failed to fulfill a financial obligation, such as the repayment of a loan or meeting contractual terms.

Etymology

Originates from the Anglo-French 'defaulter', derived from 'defaut' meaning 'lack' or 'failure'. It entered English in the 17th century to describe one who fails to perform a legal or financial duty.

In the news

In the article, business owners fear that withdrawing legal challenges against banks without a guarantee of receiving financial support could leave them unprotected and officially classified as a defaulter.

Investment hopes rise, but hurdles remain

Daily Sun

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