Failure
Bouvier's Law Dictionary and Concise Encyclopedia · John Bouvier; revised by Francis Rawle · 1914
Bouvier's Law Dictionary and Concise Encyclopedia
In legal.parlance, the neglect of any duty may be a failure, and the commission of any fault a delinquency. When applied to a mercantile concern, it means an inability to meet its debts from insolvency. It is synonymous with insolvency, which see.
Boyce v. Ewart, 1 Rice (S. C.) 126.