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The easiest response would be that the company went out of business. You could add that it had financial troubles, but giving details of why, may be too much while applying for a new job, unless you are or were the company accountant. Then adding such information would show you know your duties.

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Q: How do you word on a job application or in an interview if asked the reason for leaving your last job was the boss embezzled funds and dissolved the company when applying for a new job?
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