Insolvent Estate Law and Legal Definition
An insolvent estate is one whose assets are insufficient to pay its debts, taxes, and administrative expenses.
“The term insolvent estate is used to include estates of deceased, as well as of living, debtors, and the result is that substantially the entire statutory proceedings relating to the distribution of insolvent estates among creditors apply indiscriminately to both classes of estates.” [New Milford Sec. Co. v. Windham County Nat'l Bank, 90 Conn. 323, 328 (Conn. 1916)].
