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What is insolvency?

Insolvency is a legal term used to describe the financial condition of a person or company when it is unable to pay its debts. A person or company is declared insolvent when it is no longer able to meet its financial obligations, such as repaying loans or paying outstanding invoices. In cases of insolvency, bankruptcy proceedings may be initiated to settle debts and distribute the person’s or company’s assets to creditors.

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