“Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who cannot pay his debts as they become due, or whose liabilities exceed his assets.
Cal. Fin. Code § 31042
Definitions
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Added by Stats. 1977, Ch. 1164.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.