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For many years the definition of insolvency has been
discussed by the judiciary, the Parliament and by the profession.
The starting point is that both the Bankruptcy Act and the
Corporations Act define solvent stating that A
person is solvent if, and only if, the person is able to pay all
the person s debts, as and when they become due and
payable.
1 The following subsection plainly
concludes A person who is not solvent is insolvent.
Such legislative treatment has not stopped litigation and judicial ....

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