👉 Insolvent refers to a financial situation where the assets or liabilities of a company are insufficient to meet its obligations as they come due. In other words, it means that there is not enough money in the company's account to cover all its debts and expenses. Insolvency can occur for a variety of reasons, such as insolvency laws, bankruptcy, or a breach of financial contracts.
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What is the definition of Insolvent? 🙋
👉 An insolvent entity is one that has no assets to meet its liabilities. In other words, it cannot pay off its debts because there are insufficient funds or resources available to cover them. An example of an insolvent entity could be a company that has run out of cash reserves and is unable to meet its obligations.
