He said he expected 140,000 people to be declared insolvent
this year, well up on the previous high of 107,000 in 2006.
These latest figures mean there are now more than 100,000 people becoming insolvent
However, to the extent he can show that he is insolvent
when discharged, he may be able to avoid tax on the COD income under Sec.
At best, the acquirer may have an unsecured claim against the insolvent
insurer and would need to find a substitute for the licensed intellectual property or contract for services.
Similarly, a California court, stating that a corporate controller-dominator is treated the same as a director of an insolvent
corporation -- and, therefore, has a fiduciary relationship to its creditors -- determined that when the defendant paid himself instead of making funds available for creditors, he violated his fiduciary duty to creditors (Commons v.
Therefore it was insolvent
even after the debt cancellation.
File timely proofs of claim--Usually, the first step in submitting claims to the insolvent
estate is the filing of a proof of claim by the bar date.
If the plan had failed, Lloyd's said it would have become insolvent
ODA will request the Ohio Agricultural Commodity Commission approve any payments necessary from the Grain Indemnity Fund should the operation prove to be insolvent
A debtor is insolvent
to the extent his liabilities exceed the FMV of his assets.
When the Federal Reserve extends credit to troubled institutions, we do so only when the primary regulator has not determined that the institution is capital insolvent
By the late 1970s, much of the thrift industry was insolvent
, though its books didn't show it.