Insolvent (Noun)
Meaning
Someone who has insufficient assets to cover their debts.
Classification
Nouns denoting people.
Examples
- The company was declared insolvent and was therefore required to undergo liquidation proceedings.
- Due to her growing debt and inability to make payments, Sarah was considered insolvent by her creditors.
- After struggling financially for years, the once-thriving business owner was now insolvent and on the verge of bankruptcy.
- During his bankruptcy hearing, it was determined that the entrepreneur was indeed insolvent and would need to sell off some of his remaining assets.
- His failure to manage his personal finances effectively ultimately left him insolvent and with severe financial consequences.