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.
Watch our video and it will tell you how to check if your company is insolvent or not. For more information read our page on the tests for insolvency. So if the company is insolvent you must act to MAXIMISE CREDITORS INTERESTS.any directors tell us that on a balance sheet test the company is not insolvent therefore they do not need to act. However, under the cashflow test above the company may still be insolvent. So you must act if it is.