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COMPANY INSOLVENCY

Insolvency describes a situation when someone (an individual or a company) can’t pay
what they owe on time; or the value of their assets is less than the money they owe.
There are different types of formal insolvency procedure for individuals (personal
insolvency) and companies (corporate insolvency) and these are described later.
In insolvency, the person who owes money is often referred to as the debtor; those who
are owed money are referred to as creditors.

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