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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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of the report's due date said the number of insolvents hit 489,000 and the total funds involved including the interest rates topped KD 6. mechanisms allowing for treatment of the affairs of insolvents before their position becomes unsalvageable; The only Missouri law regarding insolvents was "An Act for the Relief of Insolvent Persons Confined on Criminal Process" (November 23, 1855), in Revised Statutes of the State of Missouri, Revised and Digested by the Eighteenth General Assembly . |
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