Insolvent
/ɪnˈsɒlvənt/
Definitions
- (adj.) Unable to pay debts owed; financially bankrupt.
The company was declared insolvent and entered bankruptcy proceedings.
- (n.) A person or entity unable to meet financial obligations as they come due.
The court appointed a trustee to oversee the insolvent's assets.
Forms
- insolvency
- insolvents
Related terms
See also
Commentary
Typically used to describe financial status; in law, insolvency often triggers specific legal processes like bankruptcy.
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.