insolvent person

insolvent person
insolvent person
A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay.
The BIA contains a statutory definition that differs from this general definition as follows: "means a person who is not bankrupt and who resides or carries on business in Canada whose liabilities to creditors provable as claims under the Bankruptcy and insolvency Act amount to at least $1,000.00 and (Dictionary of Canadian Bankruptcy Terms)
(a) who is, for any reason, unable to meet his obligations as they generally become due, or (Dictionary of Canadian Bankruptcy Terms)
(b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or (Dictionary of Canadian Bankruptcy Terms)
(c) the aggregate of whose property is not, at a fair valuation, sufficient or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due." (Dictionary of Canadian Bankruptcy Terms)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

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Look at other dictionaries:

  • insolvent — [in säl′vənt] adj. 1. not solvent; unable to pay debts as they become due; bankrupt 2. not enough to pay all debts [an insolvent inheritance] 3. of insolvents or insolvency n. an insolvent person …   English World dictionary

  • insolvent — ► ADJECTIVE 1) having insufficient money to pay debts owed. 2) relating to bankruptcy. ► NOUN ▪ an insolvent person. DERIVATIVES insolvency noun …   English terms dictionary

  • insolvent — adjective 1》 unable to pay debts owed. 2》 relating to bankruptcy. noun an insolvent person. Derivatives insolvency noun …   English new terms dictionary

  • insolvent — (1) The inability to pay ones debts as they come due. (2) When one s liabilities exceed the value of one s assets. An exemption under state or federal law which protects all or a portion of the homestead (SA Bankruptcy.com) Inability of a person… …   Glossary of Bankruptcy

  • Insolvent — A firm that is unable to pay debts (liabilities are greater than assets). The New York Times Financial Glossary * * * insolvent in‧sol‧vent [ɪnˈsɒlvənt ǁ ɪnˈsɑːl ] adjective ACCOUNTING LAW a person or company that is insolvent does not have… …   Financial and business terms

  • insolvent — A firm that is unable to pay debts (its liabilities ( liability) exceed its assets). Bloomberg Financial Dictionary * * * insolvent in‧sol‧vent [ɪnˈsɒlvənt ǁ ɪnˈsɑːl ] adjective ACCOUNTING LAW a person or company that is insolvent does not have… …   Financial and business terms

  • Insolvent — Insolvenz (lat. insolvens, „nicht lösend“, hier im Sinne von: „Schuldscheine nicht einlösen können“), in Österreich und der Schweiz Konkurs, bezeichnet die Eigenschaft eines Schuldners, seine Zahlungsverpflichtungen gegenüber dem Gläubiger nicht… …   Deutsch Wikipedia

  • insolvent — [[t]ɪnsɒ̱lv(ə)nt[/t]] ADJ: usu v link ADJ A person or organization that is insolvent does not have enough money to pay their debts. [FORMAL] Two years later, the bank was declared insolvent …   English dictionary

  • insolvent — /in sol veuhnt/, adj. 1. not solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature. 2. pertaining to bankrupt persons or bankruptcy. n. 3. a… …   Universalium

  • insolvent — in|sol|vent [ ın salvənt ] adjective FORMAL a company or person that is insolvent does not have enough money to pay what they owe: BANKRUPT …   Usage of the words and phrases in modern English

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