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Describes the state of a person or company that is no longer able to pay debts that are due. It means unable to pay.
Nach monatelangen Verlusten musste die Firma schließlich zugeben, dass sie insolvent ist.
After months of losses, the company finally had to admit that it was insolvent.
The word consists of the prefix 'in-' (not) and 'solvent' (able to pay). If you know the meaning of 'solvent', you can easily remember 'insolvent' as its opposite.
Trotz der Krise blieb das Unternehmen die ganze Zeit solvent.
Despite the crisis, the company remained solvent the whole time.
The adjective is almost always used with the verbs 'sein' (to be) or 'werden' (to become). 'Insolvent sein' (to be insolvent) describes the state, while 'insolvent werden' (to become insolvent) describes the process.
Leider ist der Bauträger jetzt insolvent.
Unfortunately, the property developer is now insolvent.
In business and legal contexts, the fixed expression 'Insolvenz anmelden' (to file for insolvency) is very important. This is the formal step that an insolvent company must take.
Der Geschäftsführer musste für seine Firma Insolvenz anmelden.
The managing director had to file for insolvency for his company.
creditworthy
'bon' and 'insolvent' both describe the financial situation of a person or company, but they are opposites. In business and financial language, 'bon' means that someone is creditworthy and is likely able to pay. 'insolvent' means that someone can no longer pay debts that are due. 'bon' is a rather technical word and often appears in fixed phrases such as 'bon sein' (to be creditworthy). 'insolvent' is heard more often in connection with companies, debts, and insolvency proceedings.
Nach mehreren schlechten Jahren ist das Unternehmen insolvent.
After several bad years, the company is insolvent.
Die Bank prüft zuerst, ob der neue Kunde bon ist.
The bank first checks whether the new customer is creditworthy.