Insolvency
A financial state in which a person or business cannot pay their debts as they come due.
Business Glossary provided by Plannit.ai
Insolvency refers to the situation where an individual or organization is unable to meet its financial obligations to creditors as debts become due. Insolvency can lead to insolvency proceedings, in which legal action can be taken by creditors, potentially leading to bankruptcy for the insolvent entity.
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