Insolvency Laws

[mneilson]

What is Insolvency and how can describe about the Insolvency Laws of your country? What are it's basic concepts?

[richardm1964]

Insolvency is related to bad debt and it's recovery. When a particular individual or organization can no longer meet its financial obligations with its lender or lenders as debts become due. Insolvency can lead to insolvency proceedings, in which legal action will be taken against the insolvent entity. The attached assets may be liquidated to pay off outstanding debts.