insolvent insolvent  /ɪn ˈsɑl vənt/

Definition(s):

  1. (n) someone who has insufficient assets to cover their debts
  2. (adj) unable to meet or discharge financial obligations

Usage(s):

  1. The $50 billion bond issue would be spent to liquidate or auction off the remaining 300 or more insolvent savings and loans.
  2. The insolvent ones you have to shut down.
  3. A firm that's insolvent should be encouraged to file for bankruptcy and rid the market of an institution that's using resources that could be better used by productive firms.

News

  1. Gold Surges

    Nothing like the smell of a fresh Eurozone (thank you Greece!) crisis in the air, to remind everyone that in an insolvent world, where every counterparty is suddenly once again suspect (and collateral-free), there is only one asset class that has no counterparty risk (although the distinction between paper and physical gold is still a far too complicated lesson for most) - gold . And headlines ...
    on June 12, 2013     Source: Zero Hedge

  2. Even with Detroit's staggering debt, Orr tells residents: Safety is a priority

    In front of a packed audience Monday night in a Wayne State University auditorium, Detroit emergency manager Kevyn Orr told residents that the city is insolvent and that his job is to prepare a path forward that gives the city a sustainable future. He also told residents including Lucinda Darrah, above, that public safety is his #1 priority.
    on June 11, 2013     Source: Detroit Free Press

  3. San Bernardino Judge May Appoint Mediator for Calpers Fight

    San Bernardino, the insolvent California city, may need a mediator to help the city resolve its bankruptcy court battles with the state’s pension fund, a judge said.
    on June 7, 2013     Source: Bloomberg

Quotes

  1. "Individual legislators are promising special interest groups that their pet projects won't lose out in the budget process," Paterson said. "But the fact is that everyone will lose if the state of New York becomes insolvent."
    on Feb 3, 2010 By: David Paterson Source: Albany Times Union

  2. "Our wallet is empty, our bank is closed and our credit is dried up," Schwarzenegger told lawmakers. "If we don't act, the state will simply run out of money and go insolvent."
    on Jun 2, 2009 By: Arnold Schwarzenegger Source: Press-Enterprise

  3. "An independent financial assessment ...... concluded that the Norfolk Island Government would probably become insolvent within the space of two years," Mr Lloyd said in February.
    on Dec 19, 2006 By: Jim Lloyd Source: The Australian

Word of the Day
periphery periphery
/pə ˈrɪ fə ri /