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, or in the usual course of trade and business. A person is insolvent who either has seized to pay his debts in the ordinary course of business or cannot pay his debts as they fall due or is insolvent within the meaning of the Insolvency Act.