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Definition of: insolvent
(in·sol′vənt) adjective
1. Unable to meet the claims of creditors; not solvent; bankrupt.
2. Inadequate for the payment of debts.
3. Pertaining to insolvency.
—noun A debtor who is not solvent; a bankrupt; specifically, a debtor whose property is taken to be divided among his creditors by a court under the operation of bankruptcy law.