: an insolvent debtor : a person or entity that is unable to pay debts as they fall due
The country's newspapers regularly published legal notices that announced private assignments for the benefit of creditors, the attachments by creditors against the property of absconding debtors, and court-mandated auctions of assets owned by insolvents. Edward J. Balleisen
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Rupp also pointed to the number of insurance carriers who have pulled out of the market in Florida or become insolvent. Dinah Voyles Pulver, USA TODAY, 8 Sep. 2022 In fact, the American taxpayer will bear the cost of union plans that were insolvent long before the pandemic. Howard B. Adler And Alex J. Pollock, WSJ, 11 July 2022 Otherwise, after the revocation the Trust apparently (the opinion is not at all clear on this point) did not have any other significant assets to satisfy Chase's huge judgment and thus was insolvent. Jay Adkisson, Forbes, 11 July 2022 Terms of use for Celsius specify that the legal status of users’ crypto holdings will be unclear if the firm were to become insolvent. Paul Kiernan, WSJ, 17 June 2022 Four insurers have been declared insolvent since February, but Citizens President and CEO Barry Gilway said a bigger issue is that many other companies are not writing coverage. Jim Saunders, Orlando Sentinel, 13 July 2022 In 2019, stories in the Financial Times documented fraud and fictitious reserves at the company, which was declared insolvent in 2020. Souad Mekhennet, Washington Post, 5 July 2022 Soaring interest rates in the late 1970s and early 1980s had caused huge losses for S&Ls and left many insolvent. James R. Hagerty, WSJ, 4 May 2022 Regulators hoped insolvent S&Ls could grow their way out of trouble, avoiding the need for a bailout. James R. Hagerty, WSJ, 4 May 2022 See More