Insolvent

Part of speech: noun (n.)

One who is insolvent; as insolvent debtor; -- in England, before 1861, especially applied to persons not traders. Bouvier.

Part of speech: adjective (a.)

1. Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor.

2. Not sufficient to pay all the debts of the owner; as, an insolvent estate.

3. Relating to persons unable to pay their debts. Insolvent law, or Act of insolvency, a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors. See Bankrupt law, under Bankrupt, a.