Insolvent is the condition when one is unable to pay one’s debt obligations when due.
Webster Dictionary Meaning
1. Insolvent- Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor.
- Not sufficient to pay all the debts of the owner; as, an insolvent estate.
- Relating to persons unable to pay their debts.
2. Insolvent- One who is insolvent; as insolvent debtor; -- in England, before 1861, especially applied to persons not traders.
Category: Banking & Finance
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