1Australian rare "to go up King Street" and variants: to go bankrupt; to get into financial difficulties.
With reference to the location of the Supreme Court in central Sydney, where bankruptcy cases were heard.
2The former location of the headquarters of the Communist Party of Great Britain, chiefly used allusively to designate the party, its leadership, or its members. Now chiefly historical.
Mid 19th century; earliest use found in The Sydney Morning Herald. From the street name King Street.