in ‧ sol ‧ vent /ɪnˈsɒlvənt $ ɪnˈsɑːl-/ BrE AmE adjective
[ Word Family: noun : ↑ solution , ↑ solvent , ↑ solubility , ↑ insolvency ; adjective : ↑ soluble ≠ ↑ insoluble , ↑ unsolved , ↑ solvent ≠ ↑ insolvent , ↑ solvable ≠ ↑ insolvable ; verb : ↑ solve ; adverb : ↑ insolvably ]
not having enough money to pay what you owe SYN bankrupt :
The company was later declared insolvent (=officially said to be insolvent) .
—insolvency noun [uncountable and countable]
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THESAURUS
▪ bankrupt without any money and unable to pay your debts – used about a person or business that has to officially admit this and stop trading permanently:
Many small businesses will go bankrupt unless interest rates fall.
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He was declared bankrupt in the High Court yesterday.
▪ be in financial difficulties to have difficulty paying your bills and debts, often so that you are in danger of becoming bankrupt - used about people and businesses:
The firm has been in financial difficulties for some time.
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He was in financial difficulties and knew that he would have to sell his home.
▪ go bust/go under informal to become bankrupt and have to stop operating – used about a business:
The supermarket isn’t there any more – it went bust ages ago.
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During the last recession, dozens of businesses were going under every day.
▪ insolvent formal bankrupt - used about people and businesses:
The bank was declared insolvent.
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Directors of insolvent companies often ignore demands for payment.
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Individuals becoming insolvent also jumped 9% to 9,470 in the third quarter.