Who is called Insolvent person?

1.	Who is called Insolvent person?
Answer» When a person is unable to contribute fully or partially to discharge his/her liabilities out of his/her private assets, then that person is regarded as an insolvent. Thus, in the following two situations, a partner is declared as insolvent: a. When his/her personal assets are insufficient b. When his/her debit capital balance cannot be covered

Answer»

When a person is unable to contribute fully or partially to discharge his/her liabilities out of his/her private assets, then that person is regarded as an insolvent. Thus, in the following two situations, a partner is declared as insolvent:

a. When his/her personal assets are insufficient

b. When his/her debit capital balance cannot be covered

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Who is called Insolvent person?

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