insolvency
in·sol·ven·cy
I0165400 (ĭn-sŏl′vən-sē)in•sol•ven•cy
(ɪnˈsɒl vən si)n.
insolvency
| Noun | 1. | insolvency - the lack of financial resources |
| 单词 | insolvency | |||
| 释义 | insolvencyin·sol·ven·cyI0165400 (ĭn-sŏl′vən-sē)in•sol•ven•cy(ɪnˈsɒl vən si)n. insolvency
insolvencyinsolvencynounInsolvencyInsolvencythe inability of an economic entity such as an enterprise, organization, or other juridical person to ensure paymeny of its fiscal obligations. In the USSR, enterprises and economic organizations that fail to meet installments on bank loans or omit payments to the state budget and to their suppliers over a prolonged period are classified as insolvent. Insolvency is caused primarily by such shortcomings in economic operations as failure to fulfill production and financial plans or accumulation of excess production stocks. Inadequacies in material-technical supply to the enterprise can also be a cause of insolvency. Delays in receipt of earnings for products sold, unplanned receipt of production stocks, and transportation difficulties can also contribute to insolvency; these are temporary factors independent of the operation of the economic organization. For capitalist companies, insolvency leads to bankruptcy and to the liquidation of the enterprise; the burden of the unemployment thus caused is ultimately borne by the working people. The socialist state intervenes vigorously in the operation of enterprises that are functioning poorly; while employing economic sanctions and bank audits, it also extends fiscal assistance in order to improve the work of the insolvent enterprise. O. I. LAVRUSHIN insolvencyInsolvencyAn incapacity to pay debts upon the date when they become due in the ordinary course of business; the condition of an individual whose property and assets are inadequate to discharge the person's debts. insolvencyn. 1) the condition of having more debts (liabilities) than total assets which might be available to pay them, even if the assets were mortgaged or sold. 2) a determination by a bankruptcy court that a person or business cannot raise the funds to pay all of his/her debts. The court will then "discharge" (forgive) some or all of the debts, leaving those creditors holding the bag and not getting what is owed them. The supposedly insolvent individual debtor, even though found to be bankrupt, is allowed certain exemptions, which permit him/her to retain a car, business equipment, personal property, and often a home as long as he/she continues to make payments on a loan secured by the property. (See: bankruptcy) insolvencyINSOLVENCY. The state or condition of a person who is insolvent. (q. v.) . insolvencyInsolvencyinsolvencyorbankruptcya condition under which an individual or firm's LIABILITIES to CREDITORS exceed ASSETS. The individual or firm is therefore unable to discharge all accumulated liabilities from realizable assets. Insolvency occurs after a period in which an individual's expenditure has exceeded his income, or a firm's costs have exceeded its sales revenues (when LOSSES are made). In the UK the treatment of insolvent companies is governed by the terms of the Insolvency Act 1986. A number of possible steps are involved.The first stage is often a voluntary arrangement under which the company and its creditors agree to a scheme of reduced or delayed debt payments. If it proves impossible to TURNROUND the company within a reasonable time the firm may ask the bankruptcy court to arrange for the company to be put into administration where an Administrator is appointed to try to reorganize the company and run it, and who will liquidate the company only if he is unable to rehabilitate it. If the Administrator is successful in rehabilitating the company then it may be returned to its management. Otherwise the next stage is receivership where the Administrator may continue to run the company while selling assets to pay off secured creditors such as DEBENTURE holders whose loans are secured by a fixed charge on a particular asset. Should the firm's fortunes continue to deteriorate the Administrator may have no alternative but to wind up the firm, i.e. LIQUIDATE its available assets, the proceeds being distributed amongst creditors. In this event the Administrator adopts the role of liquidator, whose function is to sell off the company's asset s and pay back creditors. When a joint-stock company's assets are liquidated then the proceeds of liquidation will be paid fully to firstly, ‘preferential creditors’ (the INLAND REVENUE for tax due, employees for wages owed etc.); secondly other creditors (banks for loans and TRADE CREDITORS); thirdly, PREFERENCE SHAREHOLDERS; and finally, ORDINARY SHAREHOLDERS, if any funds still remain. In the UK, under the terms of the Company Directors Disqualification Act 1986, if directors of a joint-stock company continue trading after they should have known that it was insolvent, then they can be charged with wrongful trading, lose the protection of limited liability and become personally responsible for the firm's debts. They may also be declared unfit to be directors and disqualified from acting as directors or managers of any company for up to 15 years. insolvencyorbankruptcya condition under which an individual or firm's LIABILITIES to CREDITORS exceed ASSETS.The individual or firm is therefore unable to discharge all accumulated liabilities from realizable assets. Insolvency occurs after a period in which an individual's expenditure has exceeded his income or a firm's costs have exceeded its sales revenues (LOSSES are made). Frequently an insolvent individual or firm will become bankrupt and arrange for the LIQUIDATION of available assets, the proceeds being distributed amongst creditors. See INSOLVENCY ACT, 1986. Insolvencyinsolvency
Synonyms for insolvency
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