Source : Webster's Revised Unabridged Dictionary (1913)

Insolvency \In*sol"ven*cy\, n.; pl. {Insolvencies}. (Law)
      (a) The condition of being insolvent; the state or
          condition of a person who is insolvent; the condition
          of one who is unable to pay his debts as they fall
          due, or in the usual course of trade and business; as,
          a merchant's insolvency.
      (b) Insufficiency to discharge all debts of the owner; as,
          the insolvency of an estate.

   {Act of insolvency}. See {Insolvent law} under {Insolvent},
      a.