The phrase "most belly up" typically refers to something that has failed or is no longer in operation. There are several synonyms for this term, including "defunct," "bankrupt," "out of business," "finished," and "liquidated." Each of these words conveys a sense of finality or closure, suggesting that the thing in question is no longer viable or sustainable. Other related terms might include "foreclosed," "insolvent," "collapsed," and "shut down." It is important to note that each of these words carries slightly different connotations, so the specific choice of synonym may depend on the context in which it is used.