Balance sheet insolvency: Difference between revisions

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See {{isdaprov|Bankruptcy}} - the {{isdama}} definition.
#redirect[[Insolvency and bankruptcy]]
 
Unable to pay its debts is a seemingly dangerously vague expression that features in many definitions of [[insolvency]] or [[bankruptcy]], but which has a pretty technical meaning when you dig into it.
 
Section 123(2) of the [[Insolvency Act 1986]] provides that a company will be deemed unable to pay its debts “''if it is proved to the satisfaction of the court that the value of the comany’s assets is less than the amount of its liabilities, taking into account its [[contingent liability|contingent]] and prospective liabilities''”.

Latest revision as of 10:19, 3 October 2024

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