👉 Insolvency, also known as bankruptcy or liquidation, is a legal process in which a company or individual fails to meet its financial obligations. This can occur due to various reasons such as non-payment of debts, mismanagement, fraud, or other illegal actions. In an insolvency case, the court issues a decision that decides whether or not a company should be declared insolvent and what the steps it must take to become solvent again. The process often includes liquidation of assets, distribution of debts
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What is the definition of Insolvencies? 🙋
👉 Insolvency is a legal term that refers to a situation where a company or individual has no assets left and cannot pay its debts. This can happen for various reasons, such as bankruptcy, liquidation, or financial distress. An insolvent company may be unable to meet its obligations and may not have the resources to continue operating. In this case, creditors may file a lawsuit against the company's assets to recover their losses. Insolvency is important because it helps ensure that companies can pay back debts and
