Failure to perform a duty or fulfil an obligation; (now chiefly) spec. failure or refusal to meet financial commitments. Also: an instance of this.

Failure to repay a debt within the appointed time. Obsolete. rare.

Failure to meet financial commitments; non-payment of money owed; the state of being unable to fulfil financial obligations. Also: an instance of…

The action or fact of failing to fulfil an obligation or to perform a task or duty; spec. financial default.