Insolvency

Definition

Insolvency is a legal term, denoting the status of a legal entity (person, firm, sovereign) that is unwilling or unable to repay obligations to creditors. It is a state or condition in which a party is insolvent or unable to meet debt obligations

Another term denoting similar legal status is Bankruptcy. Depending on jurisdiction these two terms may be equivalent or they may refer to different classes of legal proceedings (e.g., different legal entities)

See Also

• Bankruptcy

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with or correctly interprets the concepts covered by the FIBO ontology.