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Introduction to Dissolution

A person who ...

Question

A person who is unable to pay his debts, is called_______.

A

insolvent

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B

solvent

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C

well to do

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D

poor

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Solution

The correct option is C insolvent
A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.

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