insolvent debtor

See: delinquent
References in classic literature ?
The condemned felon has as good a yard for air and exercise in Newgate, as the insolvent debtor in the Marshalsea Prison.
Micawber should apply for his release under the Insolvent Debtors Act, which would set him free, she expected, in about six weeks.
The gentlemen of the bar being barristers and attorneys too (for there is no division of those functions as in England) are no more removed from their clients than attorneys in our Court for the Relief of Insolvent Debtors are, from theirs.
The creation of a financial restructuring committee (FRC) will provide a structured approach to the process of reorganising an insolvent debtor.
The FRIA addresses the needs of an insolvent debtor.
However, where a creditor forgives debt of its insolvent debtor, the debtor may be eligible for relief from COD income.
Balthasar's quibble--"the bond doth give thee here no jot of blood"--is nicely read as conflating the inky matter of the bond with the blood of the insolvent debtor (67).
Finally, the consultation asks whether the legal uncertainty arising from the annulment of an act of an insolvent debtor before national courts is detrimental to creditors.
Pursuant to a much-criticised legal provision in Bulgaria, if a balance sheet insolvent debtor is declared judicially insolvent, this will invalidate by operation of law: (i) any performance of a financial obligation and (ii) any creation of a security interest over any asset of the insolvency estate, in each case, made after the debtor became balance sheet insolvent.
Given how little is often recovered by creditors from payment plans, in many if not most cases a well-designed loan modification arranged between borrower and insolvent debtor can be better for both than the net outcome of a PIA or bankruptcy.
For instance, if the insolvent debtor paid a vendor $300,000 during the preference period on account of an antecedent debt, and the vendor thereafter shipped the debtor $250,000 worth of goods, the vendor could, in certain situations, assert a new value defense of $250,000, thereby reducing its maximum preference exposure net of new value to $50,000.
Courts have to deal more and more often with cases regarding the application for solving the auditor's liability, to whom is imputed the insolvency of the insolvent debtor.