belly up verb 3adjective 1forms 3 verb3 •To lay on the back with its belly up. •To gather close, or approach eagerly or assertively, as a bar for ordering alcoholic drinks.He bellied up to the bar as soon as he saw a free stool. •To die; to fail or go out of business. adjective1 •Dead or defunct.After several financial failures, the organization went belly up. formsbellied up · bellying up · bellies up