Insolvency (Noun)
Meaning
The lack of financial resources.
Classification
Nouns denoting natural processes.
Examples
- The company's insolvency led to its sudden closure and subsequent liquidation of assets.
- Bankruptcy laws govern the proceedings when an individual or entity is declared insolvent due to excessive debt.
- Rising healthcare costs and inadequate insurance policies can lead to insolvency for many elderly individuals.
- Unfortunately, her poor financial management and unchecked spending eventually pushed her into insolvency.
- When his business encountered unforeseen financial setbacks, insolvency was inevitable, forcing the closure of several unprofitable outlets.