Definition: 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
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