insolvency

Short definition from Wiktionary

Noun

1. 1
   The condition of being insolvent; the state or condition of a person who is insolvent; the condition of one who is unable to pay their debts as they fall due, or in the usual course of trade and business.
2. 2
   Insufficiency to discharge all debts of the owner.
3. 3
   The condition of having more debts than assets.