The condition of being insolvent; the state or condition of a person who is insolvent; the condition of one who is unable to pay his debts as they fall due, or in the usual course of trade and business; as, a merchant’s insolvency.

To be insovent means to have the insufficiency or inability to discharge all debts of the owner.

One is considered insolvent when their assets are less than their liabilities.

Tags: assets, debts, insolvency, liabilities

Trackback | Comments RSS