Insolvency is the inability of a business or individual to repay their debts. Businesses might become insolvent if they can't repay creditors, pay their employees, or continue to operate.
Key Points Insolvency occurs when an individual or business cannot meet its financial obligations as they come due or when liabilities exceed assets. Insolvency is a financial state; it’s not the same as bankruptcy, which is a legal process triggered by insolvency.
Insolvency is a state in which a person or entity is unable to pay what they owe to creditors. Insolvency typically arises when a person or business is experiencing economic hardship or borrowing excessively.
There are two types of insolvency: balance sheet insolvency (also known as accounting insolvency) and cash flow insolvency. They both mean that a business can’t meet its financial obligations when they come due.
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