Insolvency legislation
The laws and regulations governing what happens when individuals or businesses cannot meet their debts and enter formal insolvency procedures.
Related terms
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Insolvency Act 1986
The principal legislation governing many company and personal insolvency procedures in England, Wales and, in parts, Scotland.
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Insolvency
A financial state in which a person or business cannot meet debts as required, or a company meets another statutory insolvency test. It is not the same thing as liquidation.
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Business insolvency
A situation where a business cannot pay debts when due or, for a company, where its liabilities exceed its assets under the relevant legal test.
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