adjective
- unable to pay debts; lacking sufficient money or assets to meet financial obligations
Usage: legal; financial
noun
- a person or organization that is unable to pay debts
Usage: legal; financial
Examples
- The company was declared insolvent after failing to pay its creditors.
- Many small businesses became insolvent during the economic downturn.
- The court appointed a trustee to manage the insolvent estate.
- An insolvent debtor may file for bankruptcy protection.
- The bank refused to lend money to the insolvent corporation.
- Several insolvents were seeking debt relief through the courts.