Definition, Meaning & Synonyms
insolvency
noun
/ɪnˈsɒl.vən.si/
Definition
Insolvency is the state of being unable to pay debts when they are due.
Examples
- After several months of financial losses, the company declared insolvency.
- His insolvency forced him to seek legal advice on how to manage his debts.
Meaning
Insolvency refers to a financial situation where an individual or organization cannot meet its obligations to creditors, often resulting in legal proceedings or bankruptcy.
Synonyms
- bankruptcy
- financial distress
- liquidation
