Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion Lower Tier Covered Transactions â¬ This certification is required by the regulations implementing Executive Order 12549, Debarment and Suspension, 13 CFR Part 145. The regulations were published as Part VII of the May 26, 1988 Federal Register (pages 19160-19211).
Legal Definition of insolvent. 1  1 : having ceased paying or unable to pay debts as they fall due in the usual course of business â compare bankrupt. 2  2 : having liabilities in excess of a reasonable market value of assets held. 3  3 : insufficient to pay all debts an insolvent estate.
Law. a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law. 2. any insolvent debtor; a person unable to satisfy any just claims made upon him or her. 3. a moral bankrupt.