As used in this article, “insolvent” or “insolvency” means incapable of meeting the current demands of creditors or having liabilities which, in total, exceed the book value of assets.

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Terms Used In Virginia Code 6.2-912

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Code 1950, § 6-114; 1966, c. 584, § 6.1-100; 1983, c. 507; 2010, c. 794; 2018, c. 257.

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