insolventinsolvent: in company law, a company that is unable to pay i...: in company law, a company that is unable to pay its debts; an insolventinsolvent: in company law, a company that is unable to pay i... company may be placed into insolvent liquidationinsolvent liquidation: the process of winding up a company...; section 123 of the Insolvency Act 1986 sets out certain situations in which a company will be deemed as being unable to pay its debts and in which a court will be able to order a company to be placed into insolvent liquidationinsolvent liquidation: the process of winding up a company....