Insolvent
Insolvent , adjective
[Prefix in- not + solvent: compare Old French insolvent.]
(a)
(Law) Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor.
(b)
(Law) Not sufficient to pay all the debts of the owner; as, an insolvent estate.
(c)
(Law) Relating to persons unable to pay their debts.
Collocations (1)
Insolvent law or Act of insolvency , a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors; bankruptcy law. See Bankrupt law, under Bankrupt, a.
Insolvent , noun
(Law) One who is insolvent; as insolvent debtor; -- in England, before 1861, especially applied to persons not traders. — Bouvier