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Insolvency |
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Insolvency Describing a situation in which an individual or firm is unable to service its debts. This occurs when the individual or firm has a little or no cash flow, and may occur due to poor cash management. An insolvent individual or firm often declares bankruptcy, or it may arrive at an understanding with creditors in which it restructures payments. Insolvency A financial condition in which a taxpayer's total liabilities (debts owed) exceed the total fair market value of all his or her assets (cash and other property). A taxpayer is insolvent to the extent his or her liabilities exceed his or her assets. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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