Act of insolvency

Act of insolvency
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. (b) Not sufficient to pay all the debts of the owner; as, an insolvent estate. (c) Relating to persons unable to pay their debts. [1913 Webster]

{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. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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  • Act of insolvency — Insolvency 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… …   The Collaborative International Dictionary of English

  • act of insolvency — An act or omissions of a debtor which justifies the filing of a petition in insolvency against him, such as making a general assignment for the benefit of creditors, failure to procure the dissolution of an attachment of his property,… …   Ballentine's law dictionary

  • act of insolvency — See act of bankruptcy …   Black's law dictionary

  • act of insolvency — See act of bankruptcy …   Black's law dictionary

  • act of insolvency — see act of bankruptcy …   Useful english dictionary

  • insolvency practitioner — An individual authorised under the Insolvency Act 1986 to act in insolvency matters, appointed either by a recognised professional body or relevant authority. Easyform Glossary of Law Terms. UK law terms. insolvency practitioner …   Law dictionary

  • Insolvency — 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… …   The Collaborative International Dictionary of English

  • act — 1 n 1 a: something done by a person in accordance with his or her free will a tortious act see also actus reus b: the failure to do something that one has a legal duty to do – called also negative act; 2 a …   Law dictionary

  • act of bankruptcy — or act of insolvency : an act specified by law as subjecting a person to be proceeded against as an involuntary bankrupt or insolvent …   Useful english dictionary

  • insolvency — in·sol·ven·cy /in säl vən sē/ n pl cies 1: the fact or state of being insolvent compare bankruptcy 2: insufficiency (as of an estate) to discharge all enforceable debts ◇ Insolvency matters are covered under the Bankruptcy Code. Merriam …   Law dictionary

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