in·sol·vent
(ˌ)in-ˈsäl-vənt
-ˈsȯl-
1
a
: unable to pay debts as they fall due in the usual course of business
b
: having liabilities in excess of a reasonable market value of assets held
2
: insufficient to pay all debts
an insolvent estate
plural insolvents
: an insolvent debtor : a person or entity that is unable to pay debts as they fall due
The country's newspapers regularly published legal notices that announced private assignments for the benefit of creditors, the attachments by creditors against the property of absconding debtors, and court-mandated auctions of assets owned by insolvents.—Edward J. Balleisen
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