insolvencynoun [ C or U ]
uk/ɪnˈsɒlvənsi/usplural insolvenciesFINANCE, ACCOUNTING, LAW a situation in which a person or company does not have enough money to pay debts, buy goods, etc.:
The company warned that it may have to seek insolvency proceedings, which would see creditors recover only a small amount of their liabilities.
The building owners agreed to contribute to the union's health plan to rescue it from insolvency.
go into/file for/face insolvency The decision to file for insolvency rather than bankruptcy provides protection against creditors.
to stave off/avoid insolvency
an insolvency expert/specialist/lawyer