Legal Definition and Related Resources of Insolvency, Insolvent
Meaning of Insolvency, Insolvent
An insolvent is one whose liabilities exceed his assets , who is unable to pay his debts as they become due, one who has committed an act of insolvency in the meaning of the bankruptcy statutes. If it is a corporation , it is deemed to be insolvent if its assets can never be made to pay or the corporation does not possess available resources to meet its present needs or by means of an honest use of credit or it closes up its business for want of funds or commits any other act of bankruptcy. Also, where an individual ora corporation ceases to pay his or its debts as and when they become due in the ordinary course of his or its business, he or it is deemed to be insolvent. Also, a debtor who has not sufficient property accessible to legal process to satisfy all legal demands is an insolvent.
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Insolvency, Insolvent in Historical Law
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Legal Abbreviations and Acronyms
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