Noun
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.
Insufficiency to discharge all debts of the owner; as, the insolvency of an estate.
Source: Webster's dictionaryWe have been in recess since July, and during that time there have been a fuel crisis, a Danish no vote, the collapse of the Euro and a war in the middle east, but what is our business tomorrow? The Insolvency Bill [Lords]. It ought be called the Bankruptcy Bill [Commons], because we play no role. Tony Benn
Man's Reason is in such deep insolvency to sense, that tho' she guide his highest flight heav'nward, and teach him dignity morals manners and human comfort, she can delicatly and dangerously bedizen the rioting joys that fringe the sad pathways of Hell. Robert Bridges
The entitlement state has driven us into insolvency. Joe Miller
According to our insolvency, bankruptcy, and liquidation laws, the secured creditors — those who loaned money to LIAT using the company’s assets, mainly the aircraft as collateral — have to be paid first when the assets are sold (“liquidated”). Source: Internet
According to him, the inclusion of BRIPAN in CAMA 2020 is an acknowledgement of its unwavering passion, commitment and efforts to improving insolvency practise in Nigeria in line with international best practices. Source: Internet
After the crash, Gerald Krasner, an insolvency practitioner who has become prominent again as the Wigan Athletic administrator, took over with partners to try to keep Leeds out of a similar fate. Source: Internet