Insolvency

Querist : Anonymous (Querist) 09 August 2011 This query is : Resolved
sir,

i wish to know about insolvency

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ajay sethi (Expert) 09 August 2011
where are u situated . ? act which applies would depend on where you are located .

ESTHERPRIYA (Expert) 09 August 2011
It is the position where the said company or person is not capable to meet financial obligations with its lender or lenders as debts become due and in such case insolvency proceedings will follow taking legal action against the insolvent and assets are liquidated to pay off outstanding debts.

Raj Kumar Makkad (Expert) 09 August 2011
Insolvency itself is not a word to be understood so it may be better query if you ask a specific question on various spects attached with this word.

M/s. Y-not legal services (Expert) 09 August 2011
Yes i agree with my senior mr.makkad. Insolvency is a common word. Not a legal word. In legal proceedings its called insolvency petition.

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