1
general::
Phrase(s): go belly up
Go to turn belly up.
McGrawhill's American Idioms And Phrasal Verbs
2
general::
Fail, go bankrupt, as in This company's about to go belly-up. This expression alludes to the posture of a dead fish in the water. [Slang; early 1900s] Also see GO BROKE.
American Heritage Idioms