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insolvent   WordNet 2.0

- someone who has insufficient assets to cover their debts

 
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- unable to meet or discharge financial obligations
"an insolvent person"
"an insolvent estate"

 
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Insolvent   Webster's Revised Unabridged Dictionary (1913)

1. Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor. (b) Not sufficient to pay all the debts of the owner; as, an insolvent estate. (c) Relating to persons unable to pay their debts.

Insolvent law
or Act of insolvency
a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors. See Bankrupt law, under Bankrupt, a.

 
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1. One who is insolvent; as insolvent debtor; -- in England, before 1861, especially applied to persons not traders. Bouvier.

 
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