INSOLVENCY LAW:

Insolvency is “The state of an individual who is ruined; powerlessness to pay one’s debts, and lack of intends to pay one’s debts. It is a general state of man’s benefits and liabilities that the advantages if all made promptly accessible, would not be sufficient to release the entire obligations. Or it is the condition of a person who is not able to pay his debts as they fall due.