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Meaning of “insolvency” in the English Dictionary

"insolvency" in Business English

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insolvencynoun [C or U]

uk   us   /ɪnˈsɒlvənsi/ (plural insolvencies)
FINANCE, ACCOUNTING, LAW a ​situation in which a ​person or ​company does not have enough ​money to ​paydebts, ​buygoods, etc.: The ​company warned that it may have to ​seek insolvency ​proceedings, which would see ​creditorsrecover only a ​smallamount of their liabilities. The ​buildingownersagreed to ​contribute to the union's ​healthplan to rescue it from insolvency.go into/file for/face insolvency The decision to ​file for insolvency rather than ​bankruptcyprovidesprotection against ​creditors. to stave off/​avoid insolvency an insolvency ​expert/​specialist/​lawyer
(Definition of insolvency from the Cambridge Business English Dictionary © Cambridge University Press)
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