1 a : unable to pay debts as they fall due in the usual course of business b : having liabilities in excess of a reasonable market value of assets held.
When an individual or organization can no longer meet its financial obligations
with its lender or lenders as debts become due.
What is the difference between Bankruptcy and Insolvency?
Sep 1, 2016
Oct 30, 2013
a. Unable to meet debts or discharge liabilities; bankrupt. b. Insufficient to meet all debts, as an estate or fund. 2. Of or relating to bankrupt persons or entities. n.