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insolvent |
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Insolvent
Insolvent 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. insolvent The condition that exists when (1) one's liabilities are greater than assets,so that a complete liquidation even at fair market value would not pay all debts,or (2) one's current income is not sufficient to pay current bills, resulting in the need to contribute more cash to the organization or default on some payments. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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It also includes special regional reports from Europe, Asia and Australia, and updates on agency and government policies that impact corporate insolvencies. For example, insolvencies triggered by Hurricane Andrew in the early 1990s resulted in nearly 25,000 unpaid claims totaling $500 million. Highlights include records retention and filing issues under Canadian tax laws; access to records under federal and provincial legislation; employment and other major workplace records; specialized information for specific organizations such as law and accounting firms; security and confidentiality of professional and business records; and records retention issues related to insolvencies. |
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