past tense and obsolete past participle of break (v.); extension to "insolvent" is first recorded 1716 (broken in this sense is attested from 1590s). Old English cognate broc meant, in addition to "that which breaks," "affliction, misery."
To become penniless; become insolvent; go belly up, take a bath: His newest escapade into the fashionable world of trade and manufacturing had again gone bust (1895+)
Entirely out of money; destitute (1660s+)
Related Termsall hell broke loose, dead broke, flat broke, go broke, go for broke