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default (noun) failure to act, or to pay amounts due.
Your default is your failure to act, or to pay regularly the money you have to pay, especially on mortgages, hire purchase, and the like. Also, you win a game by default, if there are no more competitors, or because they have failed to turn up. Your failure to take action on a matter is your default.
- John borrowed a huge sum of money to start a liquor business. However, his plans went haywire when the Government banned the sale and consumption of liquor, so John is now in default of repayment of the loans he had borrowed.
- The company went into liquidation after its loan defaults rose to a record high of $60 million and the lenders forced the company to file a petition for liquidation.