Question

a person not having enough money to pay his debts

Answer 1

Insolvency is the state of being unable to pay the money owed, that is a person not having enough money to pay his debts, by a person or company, on time those in a state of insolvency are said to be insolvent.

There are two forms of this, that is
1.) cash-flow insolvency
2.) balance-sheet insolvency