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Insolvency
Insolvency is a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities, commonly referred to as 'balance-sheet' insolvency, or when the person or entity can no longer meet its debt obligations when they come due, commonly referred to as 'cash-flow' insolvency. The term is often incorrectly used as a synonym for bankruptcy, which is a distinct concept, except in Germany.
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