Difference between revisions of "Insolvency"
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Latest revision as of 19:01, 11 March 2020
Insolvency - (noun)
Definition
Insolvency occurs when an individual or company cannot meet its financial obligations. If it lasts for a temporary period, the person or company can avoid going into bankruptcy.
Extra
Source: Adapted from Investopedia
Example of Use: The company blamed their insolvency on the rising costs of raw materials and the changes in tax law.