Insolvency

Insolvency covers two separate fields: personal insolvency...which leads to an individual person becoming bankrupt; and corporate insolvency which may lead to liquidation of a business or a process of winding-up. In some cases where a business is technically insolvent it may be possible to save it, and in some jurisdictions there are some special forms of administration which enable this to happen in a controlled way.

Textbook References
unit 14 of International Legal English. Legal English mini-course web lesson