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English definition of “insolvency”

insolvency

noun [C or U]     /ɪnˈsɒlvənsi/ (plural insolvencies)
FINANCE, ACCOUNTING, LAW a situation in which a person or company does not have enough money to pay debts, buy goods, etc.: The company warned that it may have to seek insolvency proceedings, which would see creditors recover only a small amount of their liabilities. The building owners agreed to contribute to the union's health plan to rescue it from insolvency.go into/file for/face insolvency The decision to file for insolvency rather than bankruptcy provides protection against creditors. to stave off/avoid insolvency an insolvency expert/specialist/lawyer
(Definition of insolvency noun from the Cambridge Business English Dictionary © Cambridge University Press)
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