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Insolvency - Dictionary Definition and Overview |
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Insolvency : (noun)
1: the lack of financial resources [ant: solvency]
Based on WordNet 2.0
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Insolvency : \In*sol"ven*cy\, n.; pl. Insolvencies. (Law)
(a) 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.
(b) Insufficiency to discharge all debts of the owner; as,
the insolvency of an estate.
Act of insolvency. See Insolvent law under Insolvent,
a.
Based on Webster's Revised Unabridged Dictionary
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INSOLVENCY. The state or condition of a person who is insolvent. (q. v.) .
2.Insolvency : may be simple or notorious. Simple insolvency is the
debtor's inability to pay his debts; and is attended by no legal badge of
notoriety, or promulgation. Notorious insolvency is that which is designated
by some public act, by which it becomes notorious and irretrievable, as
applying for the benefit of the insolvent laws, and being discharged under
the same.
3. Insolvency is a term of more extensive signification than
bankruptcy, and includes all kinds of inability to pay a just debt. 2 Bell's
Commentaries, 162, 6th ed.
Based on Webster's Revised Unabridged Dictionary (1913)
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Example Usage of Insolvency |
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FTMiddleEast: Dubai ushers in Insolvency reform: http://tinyurl.com/yb47gud |
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Kysen: Dubai decree ushers in Insolvency reforms http://is.gd/5oaxu (FT.com). |
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totally_legal: Insolvency Litigation 2+ in Australia - An excellent role has arisen at a highly respected mid-tier Sydney law firm... http://ow.ly/169INU |
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