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LSDefine

Simple English definitions for legal terms

failing circumstances

Read a random definition: Federal Aviation Act

A quick definition of failing circumstances:

Failing circumstances refer to a situation where a person or a company is unable to pay their debts on time or in the usual way. This is also known as insolvency. There are two types of insolvency: balance-sheet insolvency, which happens when a person or company's liabilities are greater than their assets, and equity insolvency, which happens when they cannot meet their obligations as they fall due. When a company is insolvent, it may not be able to distribute money to its shareholders.

A more thorough explanation:

Failing circumstances refer to the condition of being unable to pay debts as they fall due or in the usual course of business. It is also known as insolvency.

  • Balance-sheet insolvency: This happens when a debtor's liabilities exceed its assets. For instance, if a company owes more money than it has in assets, it is considered balance-sheet insolvent. This type of insolvency prevents a corporation from making a distribution to its shareholders.
  • Equity insolvency: This occurs when a debtor cannot meet its obligations as they fall due. For example, if a company cannot pay its bills on time, it is considered equity insolvent. This type of insolvency also prevents a corporation from making a distribution to its shareholders.

These examples illustrate how failing circumstances or insolvency can affect a company's ability to pay its debts and meet its obligations. When a company is insolvent, it may have to file for bankruptcy or restructure its debts to avoid going out of business.

failed legacy | failing-company doctrine

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shaquilleoatmeal
17:51
wonder if they'll ask for me for more info but can't think of what it would be
17:54
berk…..
shaquilleoatmeal
17:58
what about berk
18:01
i need wave
shaquilleoatmeal
18:04
call them and demand one
@shaquilleoatmeal: did you get double app complete on sub status or just one
letsseehowitgoesnow
18:11
shaq i got that for BU
shaquilleoatmeal
18:13
@Eminatorcookieeater: just one
shaquilleoatmeal
18:14
@letsseehowitgoesnow: lfg!
shaquilleoatmeal
18:14
@Eminatorcookieeater: did you get one or double??
Just one sadly
letsseehowitgoesnow
18:15
I doubt it means anything. I applied like 2 weeks ago lol
letsseehowitgoesnow
18:16
Actually nvm. I don’t have that lol
shaquilleoatmeal
18:17
@Eminatorcookieeater: I think it's still a good sign, seems like we're one stage away from a decision rolling out which is a good thing, whether an A, R, or WL lol
shaquilleoatmeal
18:17
all obviously based on that reddit post which might not be accurate
Exactly at least something is happening haha
shaquilleoatmeal
18:19
lfg just got a vandy interview
Dkk
18:26
Nice, I should get that app in.
Dkk
18:26
Good motivation.
shaquilleoatmeal
18:28
@Dkk: get that app in man, c'mon
[] baddestbunny
18:29
1.5 hours bitches
[] baddestbunny
18:32
but who’s counting?
it’s happennninnnnggg
Dkk
18:37
I will do better! @Shaq
shaquilleoatmeal
18:41
atta boy dk
[] baddestbunny
18:42
I think our opponent’s dad is mad at me
good feed off his malding
JumpySubsequentDolphin
18:52
gulc should send invites so i can take my mind off the election
Dkk
19:11
Man, I just made two steaks, opened a bottle of Chianti Classico. Just gotta relax.
Dkk
19:11
It will all be good!
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