Green’s Dictionary of Slang

bust adj.

also busted, busted up
[bust v.1 (4c)]

1. [mid-19C+] bankrupt, subject to financial collapse.

2. broken.

3. [1920s+] (also bustereeno) impoverished, out of funds.

In phrases

go bust (v.) (also go busted)

1. [late 19C+] of an individual firm or company, to lose one’s money, to become bankrupt.

2. (US) to renege on a debt.