insolvent bankrupt

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• bankrupt — bank·rupt 1 / baŋ ˌkrəpt/ n: a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor s creditors was adjudicated a bankrupt see also debtor bankrupt 2 adj:… …   Law dictionary

• insolvent — in·sol·vent /in säl vənt/ adj 1: having ceased paying or unable to pay debts as they fall due in the usual course of business compare bankrupt 2: having liabilities in excess of a reasonable market value of assets held 3: insufficient to pay all… …   Law dictionary

• Bankrupt — Bank rupt, n. [F. banqueroute, fr. It. bancarotta bankruptcy; banca bank (fr. OHG. banch, G. bank, bench) + rotta broken, fr. L. ruptus, p. p. of rumpere to break. At Florence, it is said, the bankrupt had his bench (i.e., money table) broken.… …   The Collaborative International Dictionary of English

• Insolvent — In*sol vent, a. [Pref. in not + solvent: cf. OF. insolvent.] (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 …   The Collaborative International Dictionary of English

• Insolvent law — Insolvent In*sol vent, a. [Pref. in not + solvent: cf. OF. insolvent.] (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… …   The Collaborative International Dictionary of English

• bankrupt — [baŋk′rupt΄, baŋk′rəpt] n. [Fr banqueroute < It banca rotta < banca, bench (see BANK1) + rotta, broken < L rupta, fem. pp. of rumpere, to break: see RUPTURE] 1. a person legally declared unable to pay his or her debts: the property of a… …   English World dictionary

• Bankrupt — Bank rupt, a. 1. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one s debts; as, a bankrupt merchant. [1913 Webster] 2. Depleted of money; not having the means of meeting pecuniary liabilities; …   The Collaborative International Dictionary of English

• Bankrupt law — Bankrupt Bank rupt, a. 1. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one s debts; as, a bankrupt merchant. [1913 Webster] 2. Depleted of money; not having the means of meeting pecuniary… …   The Collaborative International Dictionary of English

• insolvent estate — England, Wales The assets that an insolvency practitioner may deal with for the benefit of creditors, upon his appointment to manage the affairs of an insolvent entity. In the case of an insolvent company, the insolvent estate comprises those… …   Law dictionary

• insolvent person — A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay. The BIA contains a statutory definition that differs from this general definition as follows: means a person who is not bankrupt and who resides or… …   Glossary of Bankruptcy

• insolvent — [in säl′vənt] adj. 1. not solvent; unable to pay debts as they become due; bankrupt 2. not enough to pay all debts [an insolvent inheritance] 3. of insolvents or insolvency n. an insolvent person …   English World dictionary