Insolvency law wiki

What is insolvency Wikipedia?
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent.
There are two forms: cash-flow insolvency and balance-sheet insolvency..
What is the Insolvency Act 1986?
The Insolvency Act 1986 essentially governs issues relating to personal bankruptcy and Individual Voluntary Arrangements and all administrative orders relating to company insolvency..

How can I tell if I am insolvent?

As a company, you can determine if you’re insolvent by taking two tests

Balance Sheet: ,The balance sheet insolvency test determines if your liabilities are lesser than your assets

If your debts are higher than the assets, you’re insolvent

Cash-Flow: ,This method tests a company or individual’s ability to pay their debts

What are the causes of insolvency?

What Causes Insolvency? Insolvency may be caused by many factors, such as :,loss of a significant customer, financial crisis or severe illness of the business owner

In these situations, a person cannot pay their debts, and interested parties are required to take action to protect their interests

What are the consequences of insolvency?

Insolvency only becomes an issue when a creditor seeks to collect and the debtor can’t pay what’s due

Failing to pay debts usually leads to debt collection efforts that force some kind of action

For example, if you own a house and don’t pay the mortgage, you’ll go into default that can soon lead to foreclosure

What is the difference between insolvency and bankruptcy?

Although the two terms are used interchangeably, insolvency and bankruptcy are actually not one and same

Insolvency is a state of financial distress

Bankruptcy is a legal status to be determined and declared by a judicial decree

So no, they’re not the same

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