Failing Circumstances
Defined in 2 dictionaries — Cyclopedic (1922), Black's (1910)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
Means more than actual insolvency, for that is consistent with an honest belief of the insolvent debtor, of his wealth and prosperity; the words would seem to imply that the insolvent is about failing, and closing his affairs, from an inability to continue his business, and to meet his payments. 24 Conn. 310. Failing circumstances imply that the insolvent is about failing and closing his affairs, knowing his inability to continue in business and meet his payments. 35 Conn. 482. FAILLITE (Fr.) Bankruptcy; failure; the condition of a merchant who ceases to pay his debts. 3 Masse, Dr. Comm. 171; Guyot, Rep. Univ. •
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
A person (or a corporation or instifution) is snid to be in failing circumstances when he is about to fail, that is, when he is actually insolvent and is acting in contemplation of giving up his business because he is unable to carry it on. Appeal of Millard, 62 Co.nn. 184, 25 Atl. 658; Utley v. Smith, 24 Co.nn. 310, 63 AmDec. 163; Dodge v. Mastin (C. C.) 17 Fed'. 663.
Defined under Fail in Black's Law Dictionary.