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2 definitions found

From: Webster's Revised Unabridged Dictionary (1913)

 In·sol·ven·cy n.; pl. Insolvencies  Law (a) The condition of being insolvent; the state or condition of a person who is insolvent; the condition of one who is unable to pay his debts as they fall due, or in the usual course of trade and business; as, a merchant's insolvency. (b) Insufficiency to discharge all debts of the owner; as, the insolvency of an estate.
 Act of insolvency. See Insolvent law under Insolvent, a.
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From: Webster's Revised Unabridged Dictionary (1913)

 In·sol·vent a.  Law (a) 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; bankruptcy law.  See Bankrupt law, under Bankrupt, a.