from The American Heritage® Dictionary of the English Language, 4th Edition
- n. The condition of being insolvent.
- n. An instance of being insolvent.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. 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 business; as, a merchant's insolvency.
- n. Insufficiency to discharge all debts of the owner; as, the insolvency of an estate.
- n. The condition of having more debts than assets.
from the GNU version of the Collaborative International Dictionary of English
- n. 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 business.
- n. Insufficiency to discharge all debts of the owner.
from The Century Dictionary and Cyclopedia
- n. The condition of being insolvent; want of means or of sufficiency for the discharge of all debts or obligations; bankruptcy; failure of resources: as, the insolvency of a person or of an estate.
- n. A proceeding for the application of all the assets to the payment of debts by judicial authority: as, a petition in insolvency.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. the lack of financial resources
With some amendments, the decree retrospectively applied DIFC insolvency legislation to the affairs of Dubai World, giving the tribunal jurisdiction to supervise the restructuring and any insolvency.
In the classic bank run, the information gap becomes a self-fulfilling prophecy of insolvency; in other cases, insolvency is discovered, not made, as information becomes available and indicates that the institution is genuinely not solvent.
But in either case, insolvency is a condition of an institution, such as a bank or financial institution, discovered or made in the present.
Considering the unfunded entitlements coming due in decades ahead, and considering the ownership of the Federal debt by foreign interests, governments and others, it seems to me that US insolvency is a very real possibility, unless of course we cut out huge chunks of the government and pay only the entitlements and the interest on our debt.
There are no easy answers here, but the guiding principle left by the Founders that bankruptcy be used to quickly and finally resolve insolvency is instructive.
The evidence that the pitchers of woe about pending national insolvency are actually more worried about entitlements than insolvency is pretty clear to me: While entitlements are totally driving the long-term fiscal crisis, they have not a word of criticism for entitlements.
Having worked on fiscal reform in several countries (including my home country, Argentina), I think that Shaviro's view on a march to government insolvency is wrong.
Our march toward government insolvency is a complex historical event with multiple causes.
A plan that assumes insolvency is making the same mistake as a plan that assumes banks are illiquid.
The only way the insurer can guarantee a lifetime income without the risk of insolvency is by investing the premiums in ultra-safe instruments with a tiny rate of return and offering only a very small annual payment.