The word "insolvent" means that someone or something doesn't have enough money or assets to pay the bills or debts they owe. Full definition
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Otherwise, board members can be held personally liable if the company becomes insolvent at a later stage. (lawyer-monthly.com)
An extension of our Joe Debtor bankruptcy study, this monthly index measures the percentage of insolvent debtors in our study who owned a home at the time they filed a bankruptcy or consumer proposal. (hoyes.com)
He is used to chasing insurers of insolvent companies in order to recover compensation for his clients. (thompsonssolicitors-ni.com)