Insolvency Law
/ɪnˈsɒlvənsi lɔː/
Definitions
- (n.) The body of law governing the process and conditions under which individuals or entities unable to meet their financial obligations can be declared insolvent and have their debts restructured or discharged.
Insolvency law provides a legal framework to protect both creditors and debtors during financial distress.
Forms
- insolvency law
Related terms
See also
Commentary
Insolvency law encompasses procedures like liquidation and reorganization; terminology and provisions vary by jurisdiction but generally aim to balance equitable debt resolution with economic efficiency.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.