A debtor is said to be insolvent if they are unable to pay their debts. For example, when a struggling business can't pay its creditors what it owes them on time, it can become insolvent and file for bankruptcy. However, the legal meaning of insolvency is contingent and nuanced. Litigation frequently results from the infamously complex definition of insolvency. Litigation over the definition of insolvency "generates a formidable and, on the surface, not always consistent stream of adjudications," according to a well-known bankruptcy handbook. The question of whether a company's assets exceed its obligations is posed by the balance sheet test. "Insolvent" means "financially condition such that the sum of such entity's debts is greater than all such entity's property, at a fair valuation.

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