Insolvency
From ACT Wiki
1.
Inability to pay financial obligations as they fall due.
2.
Law.
In the UK, the inability of a company - on a balance of probabilities - to meet all of its existing, prospective and contingent liabilities, taking account of future costs and of future interest obligations.
In making this assessment, future income and future asset valuations are also taken into account.
See also
- Company voluntary arrangement
- Cost of financial distress
- Creditors
- Insolvency practitioner
- Insolvency Service
- Scheme of arrangement
- London Approach
- Solvency
- Solvency II
- Statement of affairs
Other links
Issues around insolvency of your own firm, Will Spinney, 2011
