Technical Bankruptcy

(redirected from Technical Insolvencies)

Technical Bankruptcy

The state of a person or company that has defaulted on a liability and lacks the ability to pay it, but has not yet filed for bankruptcy or been declared bankrupt by a court.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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Proof the storm caught many carriers by complete surprise, Andrew caused the insolvencies of eight insurance companies and the "technical insolvencies" of others--subsidiaries that required funds from a parent company to pay claims, according to a report by Lynne McChristian, Florida representative of the Insurance Information Institute.

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