Insolvent
From ACT Wiki
1.
Unable to pay financial obligations as they fall due.
2.
UK law.
A company is insolvent when it is unable - 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.
See also
Other links
Issues around insolvency of your own firm, Will Spinney, 2011
