Meaning of “insolvency” in the English Dictionary

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"insolvency" in Business English

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insolvencynoun [ C or U ]

uk /ɪnˈsɒlvənsi/ us 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” from the Cambridge Business English Dictionary © Cambridge University Press)