/ɪnˈsɒlvənsi/ – Noun
Definition: không có khả năng chi trả, không có khả năng thanh toán, phá sản, vỡ nợ.
A more thorough explanation: Insolvency refers to a financial state in which an individual or entity is unable to pay their debts as they become due. It is a legal term that signifies a situation where liabilities exceed assets, leading to an inability to meet financial obligations.
Example: After the company declared insolvency, creditors were notified and the process of liquidating assets began.