Bankruptcy / Insolvency Law
Insolvency
A financial state where a person or entity is unable to pay their debts as they fall due.
Insolvency is a factual/financial condition — being unable to meet debt obligations — that can trigger formal legal proceedings, such as the corporate insolvency resolution process for companies or bankruptcy proceedings for individuals, aimed at either reviving the debtor or fairly distributing their assets among creditors.
Being insolvent is distinct from simply having a temporary cash flow problem, and the legal consequences of a formal insolvency declaration can be significant.
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